Big Bitcoin Alert From Analyst Who Knows Whale Selloff!

Recently, the cryptocurrency market has been leading people to speculate about the future price movements of Bitcoin (BTC). Crypto analysts are looking at current patterns, although some mid-range signs of life are coming from its main assets.

Josh Rager and the cryptocurrency whale see no hope for Bitcoin

Crypto trader and analyst Josh Rager has identified the “bouncing ball pattern” associated with a rally. He stated that he does not see much hope for the biggest cryptocurrency BTC in the near future. He based his view on the cryptocurrency’s technical analysis of price action. The analyst stated that he was “never a fan of the bouncing ball model with rallies.” “Never is enough,” he said.

However, Rager stated that he hopes the exchange will boost Bitcoin again due to the first cryptocurrency’s historical correlation with the classic asset market. As he added in his comments to his tweet, “BTC moves relative to stocks.” In the middle, Bitcoin’s historical correlation with the stock market may not be the safest metric to watch when analyzing the coin’s price movements, at least according to crypto trader, whale and LedgArt co-founder Kaleo, as it could outpace it at a certain point.

Possibility of “party” in 2024

Indeed, Kaleo had previously suggested that the current activity of decentralized finance (DeFi) assets “should give a clear baht to push SPX to record highs and higher rates in 2017.” At the same time, chief market strategist Gareth Soloway suggested that he is facing a “worst case scenario” that would see BTC fall even further to $3,500. In addition, the analyst warned that this will not be different from stocks.

Meanwhile, as we have reported before, Rager came to the fore with certain claims. Especially when it comes to the largest cryptocurrency by market cap. The analyst had correctly assumed that there would be a $2,000 sale in Bitcoin in May of 2020. It’s worth noting that Rager knew about whale selloff because this selloff was done by whales. In addition, the analyst assumed that in the one-to-one process, BTC would rise to $ 10,000 and above.

However, Rager noted in mid-September that Bitcoin could see a valuable rally. As we have also reported, he stated that “the real party will not start until 2024”. The value of 2024 is that it’s the year the next Bitcoin halving will take place. That being the case, Bitcoin is still struggling to break through the enviable $20,000 price barrier. Currently, its price is seen as $ 19,260. According to CoinMarketCap data, it increased by 0.8 percent in the last 24 hours. However, it fell 0.8 percent on a weekly basis.

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