The cryptocurrency trader and analyst Lemon predicted in an X (formerly Twitter) post yesterday that Bitcoin (BTC) may undergo a strong dump towards the end of the year. In the post, the analyst anticipated that the market leader may close the $32K gap for some exchange-traded fund (ETF) news. Shortly thereafter, he believes BTC will experience an “absolute dump”.

This will be one of the most exciting end of the year, we close the 32K GAP for some ETF news and then to the absolute dump. #Bitcoin pic.twitter.com/Gs7thL63Ye

— Lemon 🍋 (@TheCryptoLemon) October 21, 2023

BTC was the top trending cryptocurrency according to CoinMarketCap. Furthermore, it was trading above the psychological $30K mark at press time as well. This was after the leading cryptocurrency achieved a 1.43% gain over the past 24 hours. Notably, this positive daily performance had also pushed BTC’s weekly performance deeper into the green to +11.63%.

BTC was also able to establish a peak at $30,104.09 during yesterday’s trading session, but had since retraced. Nevertheless, the cryptocurrency was still trading closer to its 24-hour high than its low for the same period, which was situated at $29,203.13.

Daily chart for BTC/USDT (Source: TradingView)

Should BTC close today’s trading session above $30K, then it may continue to rise to $31,400 through the course of the coming week. Conversely, a daily candle close today below $30K could invalidate this bullish thesis. In this more bearish scenario, BTC could look to retest the $29,210 support level in the next few days.

Thereafter, continued sell pressure could force the leading cryptocurrency’s price below this mark. As a result, BTC could be at risk of falling to as low as $27,915 in the short term.

Traders and investors will want to take note of the fact that there was a significant medium-term bullish technical flag that was on the verge of being triggered on BTC’s daily chart. At press time, the 50-day EMA line was looking to cross above the 100-day EMA line. This was after the positive momentum over the past 50 days was stronger than it was over the last 100 days.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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