Will Bitcoin (BTC) Price Fall?

Bitcoin rose 60 percent above the lowest price of 2020. At the time of writing, the leading cryptocurrency was trading at $ 6 thousand 112 according to CoinMarketCap data.

While the leading cryptocurrency shows signs of recovery, a crypto trader said that Bitcoin is not yet out of decline. Benjamin Blunts expressed to his followers on Twitter that BTC will regress again. Blunts the following expressions he used: “I haven’t shared a BTC update for a while. But structurally, this increase seems corrective, I think it’s an ABC and we can go further down here. ”

BTC To Continue Downtrend

The trader analyzes the price action of Bitcoin using Elliott Wave Theory. Advanced technical analysis is based on identifying repetitive wave patterns that demonstrate the repetitive behavior of market participants. Based on the principles of Elliot Wave, a corrective ABC in the bear market is a temporary rise. Once the pattern is complete, the asset will likely continue its downtrend.

Benjamin Blunts used his expertise in Elliott Wave analysis to accurately predict Bitcoin price in 2018. The merchant was not mistaken in anticipation of 3,200 dollars.

Everyone thinks differently

However, not everyone thinks that BTC will experience a decline. AvaTrade analyst Naeem Aslam said that Bitcoin is recovering for the bull. Aslam said: “When it comes to Bitcoin, the crypto king is in good shape and we’ve seen a good uptrend. Given that the price exceeds $ 6,000 – a significant level of resistance – the acceleration of the increase is likely to accelerate, and if the price surpasses the 200-day moving average daily, this is a huge buy signal. ”