Bitcoin, the world's first cryptocurrency, has been on a downward trajectory ever since the publication of the US Consumer Price Index (CPI), and it is currently experiencing difficulty achieving a bull run. In the meantime, a well-known crypto analyst and trader who is most well-known for his accurate Bitcoin predictions is predicting that Bitcoin will continue to face challenging times in the future.
The market analyst who goes by the name Justin Bennett has informed the 108,800 people who follow him on Twitter that the flagship currency is about to create a massive descending pattern that will pull Bitcoin's trading range back towards the bear market lows of 2018.
The market analyst believes that since May, Bitcoin has been forming a bearish graph, which will result in the currency falling below the level of $5,000. Additionally, he claims that this is one of the worst trading levels for Bitcoin, and that as soon as the area around $5,000 is reached, BTC will reclaim the range around $12,000.
On the other hand, despite the fact that Justin Bennett believes that the King currency is experiencing bearish momentum, he also believes that there is a possibility for a bull run this week due to traders engaging in shorting.
Above $20,200, there will reportedly be increased shorting activity, which will drive the price of bitcoin higher and bring about greater profits.
After a drop of 3.38% over the course of the previous twenty-four