An experienced expert warns that the significant increase might be followed by a very severe reversal. He predicted key midterm levels for Bitcoin (BTC) and somewhat modified his forecast from January 2023.
How BTC may increase by 50% in two months using the Livermore accumulation cylinder and Fibonacci retracement. A Twitter user going by the handle @Yodaskk posted a midterm forecast of the Bitcoin (BTC) price dynamics with his 28,700 followers. His prediction is that in Q4, 2023, three important indicators would "meet" between $44,444 and $48650.
He claims that the Fibonacci model, which is employed by the majority of traders, indicates that this level has been reached. Its 61.8% level, the greatest support level for bulls, will reveal the "interesting" zone suggested by @Yodaskk if we apply it to the charts of the "big" negative recession.
He also used technical analysis indicators to examine Bitcoin's (BTC) performance during the last six months, starting at the beginning of 2023.
Last but not least, over large time horizons, he noticed the Livermore Accumulation Cylinder trend line. Although the author labels this specific indication as "possible," it also raises the possibility of positive development.
Unfortunately, this increase (almost 51% from the first cryptocurrency's present price levels) will probably be followed by a harsh 30% recession. Bitcoin (BTC) may retrace to its present position after this decline.
Since mid-March, the Crypto Fear and Greed Index has increased the most. As previously said, yesterday, on June 23, 2023, Bitcoin (BTC), the biggest cryptocurrency, surpassed its annual high. On prominent spot trading platforms, the orange currency momentarily climbed to $31,400 amid excitement about many Bitcoin ETF registrations.
