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Bearish Case For Bitcoin: Analyst Warns Falling Wedge Is A Whale Trap That Could Drag Price To $67k

Bitcoin has spent the past seven days trying to hold near $85,000, with a trading range between $83,200 and $86,000. Buying momentum has turned positive in the past 24 hours, but an interesting technical analysis of the current price action points to a looming downside risk.

Crypto analyst Xanrox laid out a bearish case for Bitcoin in an analysis on the TradingView platform, arguing that the ongoing falling wedge pattern, often seen as a bullish indicator, may actually be a calculated trap set by whales. According to his analysis, Bitcoin could crash to $67,000 before another strong move upwards.

Bearish Case For Bitcoin: Analyst Warns Falling Wedge Is A Whale Trap That Could Drag Price To $67k

Bitcoin has spent the past seven days trying to hold near $85,000, with a trading range between $83,200 and $86,000. Buying momentum has turned positive in the past 24 hours, but an interesting technical analysis of the current price action points to a looming downside risk.

Crypto analyst Xanrox laid out a bearish case for Bitcoin in an analysis on the TradingView platform, arguing that the ongoing falling wedge pattern, often seen as a bullish indicator, may actually be a calculated trap set by whales. According to his analysis, Bitcoin could crash to $67,000 before another strong move upwards.

https://www.newsbtc.com/news/bitcoin/bearish-case-for-bitcoin-analyst-warns-falling-wedge-is-a-whale-trap-that-could-drag-price-to-67k/