Over the past few days, analysts have begun flipping bullish on Bitcoin (BTC), claiming that the asset is on the verge of bursting higher after the brutal bear market that has destroyed bulls over the past few months.
Despite this shift in sentiment, a prominent analyst has asserted that it is wise to keep a close eye on the cryptocurrency charts, for he is observing that BTC is on the verge of “doom” due to a confluence of historical technical factors. Doom, he suggests, means Bitcoin will collapse all the way to $1,000, as the maintaining of current levels will indicate that BTC still has long-term upward momentum.
Bitcoin Will Fall to $1,000 If Current Levels Don’t Hold
Velvet, a trader who called the latest decline to the $6,000s weeks ago when Bitcoin was trading at $8,000, recently noted that BTC is on the verge of “doom.”
In the tweet seen below, through which Velvet conveyed his analysis, it was depicted that Bitcoin is trading just a smidgen above the 100-week moving average (currently at $7,000), which is a level that the cryptocurrency has always trended above during bull markets. That’s not to mention that the one-week Relative Strength Index and the Moving Average Convergence Divergence are sitting on key historical supports, which acted as barriers to bear markets.
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