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Top Trader: Bearish S&P 500 Means Bitcoin May Have Topped

Top Trader: Bearish S&P 500 Means Bitcoin May Have Topped

Bitcoin has undergone a robust 50% rally over the previous 30 days. The main cryptocurrency traded as excessive as $16,500 simply hours in the past, although has since retraced towards $16,200 as shopping for strain has tapered off.

While Bitcoin stays above key help ranges, not all analysts assume the cryptocurrency has room to increase to the upside. A crypto-asset analyst says that Bitcoin might have topped and should thus face a drop within the days forward. Many analysts assume that Bitcoin is overbought, therefore the expectations of a drop within the quick to medium time period. The drop will seemingly take the coin towards the $14,000 area, analysts say.

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Bitcoin Could Soon Correct, Analyst Says

A number one cryptocurrency dealer thinks that Bitcoin has topped within the medium time period above $16,300. He shared the chart under only in the near past, which exhibits the cryptocurrency’s value motion over the previous few weeks.

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According to the dealer, it’s unwise to be lengthy on the cryptocurrency proper now as a result of weak point within the costs of equities (S&P 500, Dow Jones, different indices) and a lack of bullish momentum within the Bitcoin market:

“Almost forgot my chart at this time, was just a little busy IRL however a problem is a problem. I feel going into the wknd you need to be very cautious with getting caught lengthy particularly with equities being bearish. Don’t see a lot apart from we’d have topped. I’m flat. I’m a bit groggy however topped on LFT, I’d be skewed to taking majority shorts above 16.3k till we open and shut monday above this stage.”

Chart of BTC’s value motion over the previous few weeks with an evaluation by crypto dealer Flood (@ThinkingUSD on Twitter).
Source; BTCUSD from TradingView.com
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Long-Term Trend Still Intact

Analysts say that Bitcoin’s long-term pattern stays intact regardless of latest value weak point. An on-chain analyst not too long ago stated the next, indicating how Bitcoin remains to be early on in its cycle:

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“1/ Relative Unrealized Profit/Loss indicator: Has now entered the ‘Greed’ zone on this newest push up by #bitcoin. Sounds dangerous however really we are able to spend giant elements of the bull cycle on this space. We are nonetheless early with lots extra room to the upside to go.”

The cryptocurrency appears to have room to increase to the upside as there are nonetheless few retail buyers within the cryptocurrency.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Top Trader: Bearish S&P 500 Means Bitcoin May Have Topped

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