With the Bitcoin halving less than half-a-year ahead, Bitcoin is holding in the $7,300 area at the moment.
Even though a few days ago it managed to come close to the $8,000 mark, now analysts are tweeting that things may turn bearish here.
‘BTC price signaled a bearish inside-bar’
The analyst @BitcoinEinstein warns that after the price closed below the inside-bar support (at the $7,452 level) it is now highly likely that BTC will resume a bearish trend and will be targeting the $5,500 area.
BTCUSD Daily— Crypto Einstein (@BitcoinEinstein) December 2, 2019
Upon entering the 50-day Moving Average resistance area, the #Bitcoin $BTC price signaled a bearish inside-bar.
A close below the inside-bar support ($7452.08) confirmed an end of the price correction to resume a bearish trend.
Next -> $5.5K. pic.twitter.com/Pr2JP8ngjs
‘Is BTC setting up for a long squeeze’?
Crypto analyst @themooncarl writes that on Bitfinex a quick stacking up of BTC longs is visible and it is about to reach an all-time high. He believes that Bitcoin could be preparing for a long squeeze, which means further selling and a massive price drop.
Bitcoin may surge after the drop
However, in the comment thread one user reckons that after BTC makes a bearish reverse, a price surge may follow.
A rapid decline in price to hit all the stop losses from the longs, then usually bounce back up again..— Vincent (@vinno2486) December 2, 2019