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While Bitcoin (BTC) has recently seen a short-term surge, leading to a flood of rosy forecasts in the market, a strong warning from an analyst suggests it could be an elaborate trap set by powerful entities, and that a dizzying crash might precede a full-fledged rally, heightening investor tension.
According to crypto media outlet Bitcoinist on April 20 (local time), virtual asset analyst Behdark directly refuted the current situation where Bitcoin recently surpassed $78,000, fueling expectations of reaching $100,000. He diagnosed that the widespread optimism in the current market is likely an intentional deception by market makers aiming to lure investors before crashing the price.
The basis for this pessimistic outlook is that Bitcoin's underlying structure remains very weak. The analyst explained that the current price chart is forming a triangular convergence or a complex corrective pattern known as diamagnetic. This, he stated, is a typical precursor to a crash, deceiving with a temporary recovery before ultimately leading to a deeper decline.
Therefore, it is highly probable that the Bitcoin price will undergo a downward consolidation process before embarking on an ultimate upward rally. Behdark identified key resistance zones where selling pressure builds strong resistance and is favorable for shorting: just above $77,000, where momentum slows, and $80,552, which will be the biggest barrier to an upward rally.
If the downtrend begins as expected, the initial support level to watch is around $72,800. If this support line breaks, a stronger defense line will be established at $67,885, but if even that collapses, an additional chain collapse of about 10% could occur, he warned.
Even if an extreme downside scenario materializes, the last major support line at $67,677 still remains higher than the currently established cycle bottom of $60,000. Analysts advise a cautious approach, warning against premature entry near major support and resistance levels, as this downward progression could actually present an opportunity for long-term investors to buy at lower prices.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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