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As Bitcoin trades just below ATH, one analyst says it’s due for a big pullback
Coinhead
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Bitcoin is on the cusp of a new record high – but one technical analyst is warning it’s also due for a big fall.
“I am pretty bullish (but) … my concern is that in 20 days we’ve risen 60 per cent with no real pullback,” wrote BTC analyst MICKrypto.
“Sooner or later, we’re going to see a massive correction. This just isn’t sustainable going up and up only. Whether it happens now, or at 65k, or 70k, it’s going to happen. That’s just part of the cycle and how things go.”
At 4pm AEDT, BTC was trading just a hair below US$64,000, up 2.6 per cent from yesterday. Around mid-morning it had changed hands just US$400 below its all-time peak of $US64,863 set six months ago.
MICKrypto posted that he was certain that BTC would hit a new ATH, but he didn’t know when, and it was important for traders to remain level-headed.
It’s due for a pullback in the days or weeks to come looked likely, and there’s nothing to stop Bitcoin from correcting below $65,000 once it moves above it.
Major cryptos quiet
With all eyes on BTC, none of the cryptos in the top 10 had moved more than three per cent, and only two tokens in the top 100 had moved by more than 10 per cent.
Those two were OKB, which soared 21.1 per cent to $US20.60, and Flow, which dipped 11.8 per cent to US$12.90.
The No. 84 crypto, OKB is the native token of the Seychelles-based OKEx exchange. Similar exchange coins Huobi Token and KuCoin Token were strong gainers as well, rising 9.9 and 7.9 per cent, respectively. There wasn’t an obvious reason for the move.
The No. 44 crypto, Flow is a blockchain developed by NBA Top Shot creator Dapper Labs, for use in their ecosystem. It’s down 28 per cent in the past week, the worst performance of any coin in the top 100.
Illuvium meanwhile has hit another all-time high of nearly US$750, after trading for less than $100 for the first half of the year.
The gaming token founded by Sydneysiders Kieran and Aaron Warwick, the younger brothers of Synthetix founder Kain Warwick.
Over the weekend the project announced it had recruited executives from Twitch and Riot games to serve as marketing officers.
The No. 166 crypto, Illuvium says it will release a mini-game by the end of 2021 and its main public beta next year.
