Bitcoin Consolidation Before Potential Year-End Dip?

Source Link : Tradingview

Top Analyst Predicts Bitcoin Consolidation Before Potential Year-End Dip

As Bitcoin puts further distance behind a massive rejection of bearish bets, one leading analyst is maintaining expectations for price consolidation ahead.

In his recent "Bitcoin Chart Analysis" on TradingView, trader @CryptoTrades notes bears had hoped for their "moment" after weeks of losing money shorting the market, but bulls took control.

Referring to his outlook from over two weeks ago, CryptoTrades sees no deviation from his forecast of price mimicking the January to March period through forming a bearish RSI divergence over the next few months.

This suggests the analyst still anticipates a revisit of the $31k support area he believes must be re-tested. However, he now expects this could occur towards the end of the year in December's first to third week.

In the interim, CryptoTrades recommends traders focus efforts on pumping altcoins with strong backers rather than betting against Bitcoin with typically low risk/reward short positions.

By measuring technicals against historical patterns, @CryptoTrades offers savvy guidance on potential Bitcoin consolidation before a possible late-year dip. His analysis provides context for how bulls and bears may vie for control in coming months.

Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. It is important to conduct through research and consult with professionals before engaging in any investment or financial activities.