Crypto analyst shared a graph indicating that Bitcoin may move downwards in the short term.
Crypto analyst nicknamed “Aqua” commented on the current situation of Bitcoin. In his analysis using Bollinger bands, he expressed that the downward movement may continue and the price of Bitcoin could reach $50-53 thousand.
Emphasizing that the $50-53 thousand band is more likely if the market cycle resembles that of 2017, Aqua also argued that one should be cautious against a possible recovery signal.
The analyst warned investors while stating that similar movements of Bollinger bands often give high accuracy signals:
One of my favorite setups. The Bollinger bands’ squeeze is slowly releasing, all you need is a slight drop below the support and a retracement to the 50 thousand dollars. As far as I observe, it’s a high accuracy signal.
