- Bitcoin and the entire cryptocurrency market are seeing a relatively quiet day following some immense turbulence yesterday
- The selling pressure witnessed by altcoins was intense and caused many to see flash crashes of 20% or more
- All the while, Bitcoin’s price remains steady and stable above $23,000 – around where it is still trading at the present moment
- One trader who in the past put forth a fractal that forecasted the entire rally seen over the past few months is now offering investors a warning
- He notes that this same fractal predicts that the crypto will see a strong pullback towards $17,500 in the near-term
Bitcoin and the entire crypto market have seen some relatively lackluster price action this morning, with BTC stable as many altcoins try to recover from yesterday’s selloff.
The selling pressure seen in the lower-$24,000 region is still a major hurdle for BTC, as every visit to this level has caused it to see major inflows of selling pressure.
This may align with a fractal pattern that had forecasted the entire move higher seen over the past few months, as it shows that there is room for an imminent correction down towards $17,500.
Bitcoin Consolidates as Market-Wide Momentum Stalls
At the time of writing, Bitcoin is trading up marginally at its current price of $23,300. This is around where it has been trading throughout the past few days.
The selling pressure between $24,000 and $24,200 has sparked multiple selloffs, but each one has lessened in intensity with every subsequent visit to this level.
If bulls continue guarding against any intense downtrend, this could mark a bullish consolidation phase that ultimately allows the market to see further upside.
Fractal Pattern Spells Trouble for BTC
One trader explained in a recent tweet that Bitcoin could be on the cusp of plunging towards $17,500 if a fractal he is watching plays out.
This fractal forecasted the entire move from the $10,000 region with precision, which could mean that this correction is actually imminent.
“BTC: The road map I followed to the new ATH suggests a correction back toward 17.5K – 18.5K before more upside is likely. Tread lightly.”
Image Courtesy of Kaleo. Source: BTCUSD on TradingView.
The coming few days will be critical for understanding the entire market’s outlook, as the resolution to Bitcoin’s ongoing consolidation phase will shine a light on where it trends heading into the new year.
Featured image from Unsplash. Charts from TradingView.