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.
— John Bollinger (@bbands) October 16, 2019
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.
Patiently waiting for $6k $BTC levels where I will add to long-term holdings.
Good luck homies.
— Angelo฿TC (@AngeloBTC) October 15, 2019
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.