John Bolinger, a well-known trader on Wednesday, tweeted that there is a good potential for a Head Fake in $BTCUSD. The BTC chart he shared shows a tightening Bollinger Band Range, which sets up for an explosion move in either direction.
Another top trader on BitMex, AngeloBTC, is also bearish on the bitcoin. He predicted that bitcoin is likely to hit $6,000 in the short term. If bitcoin touches $6,000, it would have to retract more than 50% from the yearly highs.
Later last month bitcoin dropped more 13% in just hours. Since then, the price of the leading has struggled to gain any ground. At the time of writing, BTC is changing hands at down 1.05% $8,070.