A veteran crypto trader and analyst says Bitcoin (BTC) appears to be on a price path that will inflict maximum pain on market participants.
Back in August of last year, the pseudonymous SmartContracter mapped out a scenario that he believed would cause a large number of traders to get chopped up by the market.
Now, six months later, the analyst says the prediction appears to be coming to fruition.
“Six months later and this BTC max pain scenario is looking extremely likely in my opinion.”
The first chart below details the trader’s August prediction, with the follow-up underneath.
6 months later and this #btc max pain scenario is looking extremely likely IMO. pic.twitter.com/CGMVQ5vlLT
— Bluntz (@SmartContracter) February 22, 2023
If the rest of Smartcontracter’s forecast plays out, BTC is now on its way toward making bulls suffer as it retraces down to the $18,000 region by early June.
At that point, he believes Bitcoin will once again reverse, trapping bears and sparking to a long-term rally.
The top crypto has had another volatile 24 hours, starting the day at $24,553 and dropping to a low of $23,658 before bouncing to its current price of $23,958 at time of publishing.
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Featured Image: Shutterstock/Joy Chakma/Gorev Evgenii