RATE Group | This Odd Signal Marked Bitcoin’s $3,700 Lows. Now It Says BTC Is Topping Out
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This Odd Signal Marked Bitcoin’s $3,700 Lows. Now It Says BTC Is Topping Out

04 May This Odd Signal Marked Bitcoin’s $3,700 Lows. Now It Says BTC Is Topping Out

Posted at 04:13h in Bitcoin News by

It’s been a strong week for Bitcoin and the rest of the cryptocurrency market.

Per data from Coin360.com, the leading cryptocurrency has gained close to 20% in the past seven days. While this is undoubtedly one of Bitcoin’s best weekly performances in months, this is actually the asset’s seventh week of gains in a row, signifying a strong bull trend.

Analysts are expecting a correction as an odd technical signal that marked Bitcoin’s $3,700 lows is now suggesting that a reversion to a bear trend is potentially underway.

Bitcoin Could Soon Plummet Lower

A top trader recently shared the chart below, indicating that at every Fibonacci time level was “a major shift in trend.” The vertical labeled “2” marked the bottom of 2019’s bear market around the high-$6,000s, while the vertical marked “2.382” marked the $3,700 bottom seen in March.

Just yesterday, Bitcoin reached the next time level at “2.618,” suggesting that should history continue to rhyme, the…

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