Analyst Predicts Biggest Bitcoin Bull Trap Of The Cycle, Calls Out 50% Crash To $42,000
Bitcoin’s price recovery is not a new beginning: it is a familiar ending. That is the warning from a crypto analyst, who is of the notion that the current Bitcoin price action is playing out a bull trap the market has seen before and that the setup is pointing to a destination that sees the cryptocurrency crashing by almost 50% from current price levels. Related Reading: XRP Flashes Historic Rally Signal, Fueling $12 Price Speculation Bitcoin Mirrors Key Stepping Stones From 2022 Bear Cycle Chiefy’s analysis centers on a structural comparison between Bitcoin’s current price sequence and the step-by-step decline that defined the 2022 bear market. The framework identifies a pattern of bear cycle stepping stones, which is a series of lower highs and lower lows dressed up as recoveries on the weekly candlestick timeframe chart. This analysis is in reference to Bitcoin’s price action since it broke above $82,000 earlier in the week. Bitcoin is pressing into the 1-day 200 moving average, a z