Cantering Clark, popular crypto trader analyses Bitcoin’s breakout to new all-time highs.
Then, concludes Bitcoin (BTC) may decline below $55,000 before moving higher.
Additionally, Cantering Clark goes on to enlighten his 79,000 Twitter followers.
Notably, stating that $55,000 and $65,000 price areas are key entry levels for Bitcoin investors.
“As far as swings go and meaningful deployment of capital,…”
“these are the only two areas where I would get really aggressive…”
“If the drop scares you, just look back to a similar structure in February.”
Additionally, Cantering Clark goes on to say how Bitcoin will decide between another retest or an immediate breakout.
Then, before it moves to another position.
“My positioning – Still out swings/positional trades until reclaim of ATH [all-time high] for BTC…”
“Only focusing on lower timeframe activity unless Bitcoin…”
“reclaims that level or comes down to test a significant level.”
More so, Cantering Clark makes prediction of a possible drop to around $55,000. Of course, He also notes Bitcoin’s less-than-stellar performance. That’s of course, after briefly crossing its previous all-time high of around $64,000.
So, Cantering Clark explains.
“One problem with Bitcoin, in particular, is everyone looks to previous cycle behavior…”
“to confirm current behavior, in something just over a decade old…”
“Having gone through changes in context and regime you should expect…”
“new things to occur. Like a lackluster ATH break for example…”
Lastly, Cantering Clark concludes.
“Yes. Lackluster. If a level is deemed to be very important by the market,..”
“then the response and amount of participation at that level should be significant.”
