Bitcoin Dropped In 15 Minutes To $9,500, But BTC Is Poised For Massive Breakout
The other day, the crypto space was celebrating that Bitcoin managed to surpass the important level of $10k, but as soon as the markets opened, it crashed in a matter of minutes.
Just before crashing, Anthony Pompliano was offering trading advice on his Twitter account:
Important message as we enter the next Bitcoin bull market:
– BTC is very volatile
– You can lose all of your money
– Only invest what is ok to lose
– Twitter is not investment advice
– Don’t buy BTC with credit cards
– Keep low time preference
– Do your own research
— Pomp 🌪 (@APompliano) June 1, 2020
Also, popular analyst PlanB hopped on Twitter immediately after the crash and told followers this:
BiTmex scam pic.twitter.com/g9cDc2inQS
— BetoCrypto (@BetoCrypto) June 2, 2020
After a user showed what happened on Bitfinex, PlanB said “Yup, expensive lesson for noobs: don’t naked short or long bitcoin, or you will get burned on your stop losses.”
Today, the crypto market looks bloody red, and Bitcoin is no exception. At the moment of writing this article, BTC is trading at $9,512.07.
Bitcoin is on the verge of another breakout
A popular crypto trader and Elliott Wave analyst says that Bitcoin is getting ready for a strong move up in a short period of time.
Benjamin Blunts said that BTC is gearing up for a rally to $12,000.
“When BTC finally does break out of this range it [is] going to be explosive, I’d say 11k within 3 weeks and possibly 12k within a month.”
He predicted Bitcoin’s price action using Elliott Wave Theory.
This tech analysis examines reliable wave patterns that show the repetitive behavior of market participants. After the pattern is complete, BTC could embark on a strong rally.
The analyst also wanted traders to watch out for a sharp move ahead of the bulls:
“Yeah, I’m wary of something like this. Like we say in 2019: breakout, then shakeout, but then I thought how often does lightning strike twice?”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.