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After consolidating for over a week now, analysts predict that Bitcoin (BTC) is gearing up for another massive leg down. Chart patterns show the formation of a pennant pattern that could result in a significant price move.
Another report shows that a “death cross is looming,” another telltale sign of a massive bearish move. Some analysts have placed their target around the $18k level. A bearish move to this level does not seem outlandish given the recent market sentiment.
At press time, the Bitcoin fear and greed index is deep in the red and is at an ‘extreme fear’ level (24).
That said, the long-term prospect for Bitcoin remains intact and institutional players have asserted that they are in it for the long haul.
Meanwhile, the famous creator of the stock-to-flow model, Plan B, has evaluated previous corrections and noted that they have all been v-shaped. He argued that this could be a sign of accumulation by institutional players and could lead to the next leg up.
Macroeconomics analyst and Bitcoin HODLer, Madelon Vos, noted that a significant breakout is possible. Vos stated that:
“Combined with positive divergence on RSI and a symmetrical triangle having a possible breakout of $10.000… a very plausible scenario. We could end up around $48 or $25k the next couple of weeks.”
Key Bitcoin Levels to Watch — June 3
As predicted in our last analysis, Bitcoin has broken out of its range-bound momentum and wedge pattern and now heads towards the critical $40k resistance.
While the benchmark cryptocurrency looks adequately poised to take the $40k level, bulls need to prevent a fall below the $38,500 support. A break below the $38.5 support could send BTC into consolidation or more corrections, thereby stalling the newly-found bullish momentum.
Meanwhile, our resistance levels are at $40,000, $40,500, and $41,000, and our key support levels are at $38,500, $37,500, and $37,000.
Total Market Capitalization: $1.78 trillion
Bitcoin Market Capitalization: $737.6 billion
Bitcoin Dominance: 41.4%
Market Rank: #1
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