Top Crypto Trader Issues Bitcoin Warning, Says BTC Flashing Vibes March 2020 Meltdown
A closely watched crypto trader is issuing an alert to Bitcoin (BTC) holders, saying the crypto king’s current market structure is similar to the price action before a deep drop about three years ago.
Pseudonymous analyst Kaleo tells his 566,300 Twitter followers that Bitcoin is currently consolidating above a diagonal trendline after taking it out earlier this year.
According to the trader, the price action is reminiscent of how Bitcoin moved in early 2020 when it rose from around $6,000 to $10,000 only to capitulate back to $3,000 in March of that year.
“Please, be different this time.”
Although Bitcoin’s current market structure seems ominous, Kaleo says there is still a chance for BTC bulls to advance as long as the trend line holds.
“Both Bitcoin and SPX are retesting major high timeframe support levels.
In my opinion, there is no reason to be doomsman / incredibly bearish here as long as these hold.”
Should the trend line not hold, Kaleo warns that BTC is likely to witness a massive sell-off event.
“If they do happen to break, we will see real capitulation. Until then, I see this as a good risk/reward spot to go long with clearly defined stops on the downside and great upside potential.”
At the time of writing, BTC is trading at $20,130.
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