Cryptocurrency analyst shared a chart indicating that Bitcoin could move downward in the short term.
Cryptocurrency analyst called “Aqua” gave insight into the current state of Bitcoin. In his analysis based on the Bollinger band, he expressed that downward movement could continue and Bitcoin price could reach 50-53 thousand dollars.
Emphasizing that the 50-53 thousand dollar range is more likely if the market cycle resembles 2017, Aqua advocated being 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 band squeeze is slowly coming undone, all you need is a pullback just below support and a drop to 50 thousand dollars. It’s usually a highly accurate signal from what I’ve observed.
