RATE Group | This Eerily Accurate Fractal Suggests Bitcoin Will Soon Explode to $12,000
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This Eerily Accurate Fractal Suggests Bitcoin Will Soon Explode to $12,000

31 Jan This Eerily Accurate Fractal Suggests Bitcoin Will Soon Explode to $12,000

Posted at 21:48h in Bitcoin News by

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After facing a constant stream of buying pressure that led Bitcoin’s price to climb as high as $9,550, BTC faced a large influx of overnight selling pressure that sent it reeling down to lows of $9,200 before it found some support.

The sharp decline from $9,550 does make this 2020 high look like a local top for the cryptocurrency, and it is a strong possibility that the crypto sees some further short-term downside.

In spite of this, one eerily accurate fractal pattern formed between May and June of 2019 that BTC has been closely following is suggesting that BTC may now enter a consolidation phase before moving up towards $12,000 in an explosive movement.

Bitcoin’s Rally Stalls After Firm Rejection at $9,550

At the time of writing, Bitcoin is trading down over 1% at its current price of $9,275, which marks a notable rejection from its daily highs of $9,550 that were set at the peak of yesterday’s rally.

The overnight decline from these levels led the crypto to erase all the gains…

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