According to the tradera whose previous bearish predictions were correct; While the bitcoin price remains above the $ 10,000 band, a sudden drop may come at any time. Based on the inverse fractal model in the Bitcoin charts, the trader compared the current situation to the decline after 2017 and gave signals “the decline is closer than expected”.
The trader and cryptocurrency commentator, known on social media by the alias Coiner-Yadox, said the Bitcoin charts pointed to a sharp decline. Trader emphasized the importance of the inverse fractal model in the charts. The analyst shared two charts showing the Bitcoin price from March 2020 to this time and highlighting the decline after the rise in 2017; He compared these tables to each other.
His Predictions Have Been True Before
Coiner-Yadox, known as Coiner-Yadox on Twitter, while Bitcoin performed very well in August and the BTC price was around $ 12,000; He was one of the first names to suggest a $ 9,700 decline for the leading coin. And indeed, this prediction soon proved correct.
Connecting his forecast to the technical support zones and the downward trend of the price movement, the trader was justified with the BTC price dropping from $ 12,000 to $ 9,800 in 1 week. If history repeats itself and the trader’s predictions come true this time, we may witness a period of decline for the Bitcoin price.
Analysts Are Hopeful For October
Most analysts disagree with Coiner-Yadox, although their predictions have been correct before. Some market experts arguing that strong bullish signals are received for the bitcoin price, attributing this to both the BTC candlestick chart and many technical metrics.
The trader, known as Bitcoin Jack on Twitter, underlined that the BTC price closed above the macro support level of $ 10,500 when looking at the graphics at the closing of September, and claimed that this development was a definite sign of a rise for Bitcoin. In addition, cryptocurrency data analysis company CryptoQuant also published a 10-item list, revealing technical indicators that give positive signals for Bitcoin.