- Bitcoin and the entire cryptocurrency market are seeing a relatively quiet day after a massive turbulence yesterday
- The selling pressure of altcoins was intense, causing many to see flash crashes of 20% or more
- All the while, Bitcoin’s price remains stable and stable above USD 23,000 – roughly where it is still trading at this point
- A trader who spawned a fractal in the past that predicted the entire rally in recent months is now offering investors a warning
- He notes that the same fractal predicts the crypto will see a sharp drop to $ 17,500 in the near term.
Bitcoin and the entire crypto market have seen relatively mediocre price action this morning, with BTC equally stable altcoins try to recover from yesterday’s sale.
The selling pressure seen in the lower- $ 24,000 region is still a major hurdle for BTC as each visit to this level has resulted in a large influx of selling pressure.
This could tie in with a fractal pattern that predicted the entire move higher seen in recent months as it shows there is room for an imminent correction to $ 17,500.
Bitcoin is consolidating as market-wide momentum stalls
At the moment of writing, Bitcoin is trading marginally at the current price of $ 23,300. This is roughly where it has been trading for the past few days.
Selling pressures between USD 24,000 and USD 24,200 have resulted in multiple sell-offs, but each has diminished in intensity with each subsequent visit to this level.
If bulls continue to arm themselves against an intense downtrend, it could mark a bullish consolidation phase that eventually allows the market to look further upwards.
Fractal pattern casts a spell on problems for BTC
A merchant explained in a recent tweet that Bitcoin is on the verge of falling to $ 17,500 if a fractal he’s watching plays out.
This fractal predicted the entire movement of the $ 10,000 region with precision, which could mean that this correction is actually imminent.
BTC: The roadmap I followed to the new ATH suggests a correction back to 17.5K – 18.5K before any more upward probability. Be careful. “
Image Courtesy of Kaleo. Source: BTCUSD on TradingView.
The next few days will be crucial to it whole market outlookas the solution to Bitcoin’s ongoing consolidation phase will shine a light on the trends heading into the new year.
Featured image from Unsplash. Charts from TradingView.