Key Points
- Bitcoin’s price is undergoing a technical correction, with a possible continuation for a few weeks.
- An anonymous crypto analyst predicts a crash in Bitcoin and other altcoins until March 13.
Bitcoin is currently experiencing a technical price correction that might extend for several weeks.
This week, Bitcoin (BTC) reached its lowest at $82,177, momentarily entering a bear market. However, it managed to recover to $86,200 after Nvidia reported strong earnings.
Crypto Analyst’s Prediction
An unidentified crypto analyst, who incorporates astrology in his predictions, anticipates a continuous decline in Bitcoin and other altcoins until March 13. According to him, the period from February 25 to March 13 is typically risky for cryptocurrencies and stocks.
The analyst’s argument revolves around the concept of the Saturn conjunction in astrology, which is often linked with contractions and significant corrections. This phase is usually associated with conservative strategies, such as investing in safe-haven assets.
The ongoing decline in Bitcoin’s price, the analyst predicts, will likely last until March 13 or 14, when the Lunar Eclipse takes place. In astrology, significant events like the Lunar Eclipse are often linked with emotional and subconscious shifts.
Fundamental and Technical Factors
Supporting the bearish outlook are several fundamental and technical factors. Spot Bitcoin ETFs have seen continued strong outflows, indicating that American investors are remaining on the sidelines. Data from SoSoValue shows that all spot Bitcoin ETFs have experienced outflows over the past week.
Moreover, indications that Donald Trump will proceed with his tariffs could lead to increased market volatility. For instance, Bitcoin’s price crashed earlier this month when he announced tariffs on goods from Mexico and Canada.
Bitcoin Price Technicals
The BTC price has also formed several technical patterns that could suggest further downside in the near term. It has formed a “three dark crows” candlestick pattern, characterized by three consecutive bearish candles. The current rebound could be a dead cat bounce or a bull trap, which happens when an asset in a downtrend temporarily rebounds before resuming its decline.
Additionally, Bitcoin’s price has moved below the Ichimoku cloud indicator and has formed a double top pattern, with its neckline at $89,107. The distance from the top to the neckline is about 18%. An 18% drop from this level could indicate a Bitcoin price drop to the March 2024 high of $73,613.