Summary
- A CryptoQuant analyst noted that Bitcoin has recently climbed from $100,500 to $110,000, a movement similar to a previous pattern.
- He stated that if this fractal pattern continues to play out, Bitcoin could fall back below $100,000.
- As of the 13th, Bitcoin was trading at $107,533.21 on the Binance Tether market, down 1.14% from the previous day.
Amid escalating geopolitical tensions in the Middle East, an analysis has emerged indicating a bull trap signal (a scenario where the price turns bearish after peaking at the top of a trading box) from a technical perspective.
According to the cryptocurrency-focused media outlet Cointelegraph on the 12th (local time), CryptoQuant analyst Axel Adler Jr. explained, “The recent rise in Bitcoin (BTC) from $100,500 to $110,000 mirrors the rebound seen from $91,700 to $102,700 back in January.”
He added, “If the current fractal pattern remains valid, Bitcoin may once again drop below $100,000.”
Meanwhile, as of 03:56 on the 13th, Bitcoin was trading at $107,533.21, down 1.14% from the previous day on the Binance Tether (USDT) market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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