Crypto Trader Anticipates Sharp Bitcoin Downturn Post New Highs: 'For Every Action, There Is An Equal And Opposite Reaction'
Portfolio Pulse from Benzinga Neuro
A cryptocurrency trader known as Credible Crypto predicts a significant drop in Bitcoin's value following a potential new all-time high. He warned his 361,800 followers on social media about the historical pattern of Bitcoin experiencing sharp downturns after parabolic rallies. His comments come as Bitcoin has seen a substantial increase in 2023, but remains below its all-time high from November 2021. The market's anticipation of a Bitcoin ETF approval has contributed to Bitcoin's price surge and market capitalization increase this year.
December 29, 2023 | 7:23 am
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Credible Crypto, a prominent trader, predicts a sharp downturn for Bitcoin after it potentially reaches new highs, based on historical patterns of significant crashes following parabolic rallies.
The prediction by Credible Crypto is based on historical trends where Bitcoin has faced significant downturns after reaching new highs. Given the trader's substantial following, this warning could influence market sentiment and lead to a self-fulfilling prophecy if investors act on the caution, potentially causing a short-term price drop.
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