A Trader Revealed the Future of Bitcoin Before It Hits New ATH
A practicing trader and founder of the Crypto Mentors Nikita Syomov project shared his vision of the ongoing situation on the market. He is sure that regardless the fact that Bitcoin is coming close to its new ATH, should not fool us because it is very likely to move towards another correction before hitting it. Syomov sees a prevailing bearish character of the capital inflow that causes the spikes from $56,600 to $57,100.
The movement towards the last local maximum of $58,300 came along with the increase of the buying trend, which later resulted in a selling trend. This may point at a big limit seller that protects its value. Price Action shows that the buyers are rather weak at the moment due to the breakage of the price projections.
Therefore, it will be wise to consider short positions on short terms despite the priorities of the long-term purchase. This trend will not last long but it will be the best at this uncertain moment. The expert expects Bitcoin to move towards $54,000, where most buyers focus. This movement may break the trend that everyone expects. Retail traders are expected to open short positions but the big buyers will become stronger. This is how Syomov sees the correction before Bitcoin reaches its new all-time high.