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What’s next for the BTC market? It is not a trend reversal but “price adjustment”

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In a Bloomberg interview about the latest bitcoin market reported on the 17th of this month, Macro Risk Advisors John Corrobus suggested that BTC is likely to renew its high-end for technical analysis in the long run.

Or roots can be seen at the beginning of the bull market, which has been pointed out from some of the more analysts 30-40% decline in but the BTC market that has been actually confirmed, will be able to forecast what kind of expansion in the future.

According to John Corrobos, a technical analyst at Macro Risk Advisors, Bitcoin is currently in the process of price adjustment and the trend has not been reversed. 

A short-term decline in → price stability → rise again? 

At the time of writing, Bitcoin has been around $ 10,500, but according to technical analysis expert Kolobos, the BTC price is expected to fall in the short term, and it is thought that the scenario will rise again to reach the top. 

He also explained that the long-term trend is bullish, adding that a typical technical analysis “suggests to pull back” and “must buy around $ 8,500.”

Corrobus is not alone in suggesting short-term price stability and long-term bitcoin bullish trends.

As the BTC’s block rewards are about to halve in 300 days, the latest moves in the bitcoin market, which has become a topic in the U.S. Congress, are highlighted.

 

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.