Bitcoin’s price has been struggling to get close to its all-time high of over $ 64,000 for about two months, but to no avail. The cryptocurrency has hit multiple lows, which worries investors.
But for the crypto analyst and influencer Tyler Swope there will be at least one stronger negative move before Bitcoin starts a new bullish course, which for it even has a date: June 13th.
True, according to Swope, the market will make peace with BTC and go hand in hand sentiments will rise on the charts to make new highs.
For the trader, Bitcoin will likely create one final bearish trap that day before resuming its uptrend.
June 13, D-Day
The analyst uses wave theory to justify his position by arguing that after two failed attempts to break above the $ 40,000 mark, another drop is needed before the upside hits hard.
“We hit the top of $ 40,000 twice, we tested it again and got rejected twice, so I think after that second rejection we could have a third one … we’ll have our final dip soon. It will be the one the last piece of the teddy bear and that tweet from Elon was part of it, ”he said.
Swope is so confident with his analysis that he set a date when Bitcoin will make its final corrective move to $ 30,000, entice traders to create large short positions, and then BTC will start a rally.
“I said it last week. I said June 13, 2021 would be the end of the bear trap. And we’re probably going to get back to $ 30,000, so we’re now at about $ 36,000. We’re probably going to be around $ 30,000 US dollars are touching a little below or a little above just to get those bearish candidates who would create serious short positions to step in. This is a bearish trap, “he said.
However, Swope warns that the final slide could be so tough that even seasoned cryptocurrency traders like him are doubting Bitcoin’s ability to recover.
However, Traders shouldn’t be fooled by bearish sentiments, Swope said.
“You need a really sharp feeling that makes even people like me think: Well, maybe I’m wrong, maybe we’re going down. If Bitcoin falls again and hits $ 30,000, I’ll even bite my nails. Though I predicted it, “he said.
The worst that can happen is $ 21,000
Although less optimistic than his peer, analyst Peter Brandt also believes the Bitcoin price will recover, but recently He told his Twitter followers that in the worst case scenario, he could see BTC drop to $ 21,000.
“Keep track of owning the right size BTC with money you can afford to lose. The market has achieved too much [en] $ 64,700. The market has corrected to $ 30,000. The worst thing I can think of is $ 21,000. “