RATE Group | Bitcoin on the verge of massive crash
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Bitcoin on the verge of massive crash

30 Jan Bitcoin on the verge of massive crash

Posted at 05:02h in Bitcoin News by

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  • BTC/USD stays close to the highest level of 2020 amid positive sentiments.
  • BitMEX CEO expects a massive sell-off from the current levels.

Bitcoin (BTC) is changing hands at $9,335, off the multi-month high hit during early Asian hours at $9,426. The first digital coin has gained over 3.5%  in recent 24 hours and over 7% in seven days. The price has printed three bullish candles on a daily chart amid resumed recovery on the cryptocurrency market. At the time of writing, Bitcoin’s trading volume reached $33.6 billion, while a market share settled at 66.2%.

 Arthur Hayes, the CEO of BitMEX, expects that the rally may be followed by a sharp sell-off

In a recent tween, Hayes noted that the price formed an explosive pattern, where a strong rally usually followed by a sudden crash of a similar magnitude. 

Notably, GTI Vera Band indicator, cited recently by Bloomberg analysts, also points to a retracement from an overbought position.  The price went outside…

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