Bitcoin price remains in a technical correction, and the ongoing correction could persist for a few weeks.
Bitcoin (BTC) bottomed at $82,177 this week as it briefly moved into a bear market. It has since crawled back to $86,200 following strong Nvidia earnings results.
An anonymous crypto analyst who uses astrology concepts has predicted that Bitcoin and other altcoins will continue crashing until March 13. He claims that the period between Feb. 25 and March 13 is often risky for cryptocurrencies and stocks.
In this case, his argument is that Bitcoin is in the so-called Saturn conjunction, which is associated with contractions and significant corrections. This period is often linked to conservative strategies, such as safe-haven assets.
The analyst predicts that the ongoing Bitcoin price decline will likely continue until either March 13 or 14, when the Lunar Eclipse occurs. In astrology, a major event like the Lunar Eclipse is often associated with emotional and subconscious shifts.
There are fundamental and technical factors supporting the bearish outlook. Fundamentally, spot Bitcoin ETFs have continued to see strong outflows, a sign that American investors are staying on the sidelines. SoSoValue data shows that all spot Bitcoin ETFs have experienced outflows over the last seven days.
Further, there are signs that Donald Trump will move ahead with his tariffs, which could lead to more volatility in the market. For example, Bitcoin price crashed earlier this month when he unveiled tariffs on Mexican and Canadian goods.
Bitcoin price technicals point to a crash
The BTC price has also formed several technical patterns that may indicate further downside in the near term. It has formed a three dark crows candlestick pattern, which is characterized by three consecutive bearish candles. As such, the current rebound may be a dead cat bounce or a bull trap. A bull trap occurs when an asset in a downtrend temporarily rebounds before resuming its decline.
Bitcoin price has also moved below the Ichimoku cloud indicator and has formed a double top pattern, with its neckline at $89,107. The distance from the top to the neckline is about 18%. An 18% drop from this level would point to a Bitcoin price decline to the March 2024 high of $73,613.
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