Analyst: Bitcoin is at a crucial crossroads

Pseudonymous analyst HoneyBadger claims that traders who buy bitcoin with leverage should proceed with caution. According to HoneyBadger, Bitcoin is heading towards a “crucial crossroads” where the price can jump in either direction. “The market was in easy mode, but now there is clearly too much leverage and market makers are playing to the market’s emotions,” HoneyBadger said.

The second scenario, the impulsive wave: is that we roll over here and we are in the midst of a 5 wave impulsive move down, either way there’s so much liquidity being formulated below is would seem pretty unlikely to me that we would not unlock all that liquidity from stop losses… pic.twitter.com/UCQr9iuNUh

— Honeybadger (@HoneybadgerC) April 11, 2024

Symmetrical triangle for bitcoin

After his warnings for leveraged traders, HoneyBadger turns to a bit of technical analysis. The analyst points to a symmetrical triangle, which is normally a neutral pattern. This is not an ascending (bullish) or descending (bearish) triangle.

We currently see that the bitcoin price is moving slightly above the triangle, which could be a reason for many investors to enter. If Bitcoin manages to manifest itself above the triangle and convert these lines into support points, then that is a good sign for the price.

https://x.com/Rewkang/status/1778505879656280435

Mechanism Capital co-founder Andrew Kang is optimistic. He believes the uptrend will continue to a new all-time high after the April 20 halving. “I expect a bitcoin price of $80,000 in May,” Kang said on Twitter.

Bitcoin in the plus

Currently, Bitcoin has managed to climb back above the $71,000 level. This means the currency is up 0.64 percent compared to 24 hours ago.

Measured over the entire week, Bitcoin is even in the green with 5.15 percent. However, goldbug Peter Schiff is convinced that bitcoin’s revival is short-lived.

He claims there are “way too many” traders with long positions on bitcoin who believe too much that they cannot lose.

At this point there are way too many people long #Bitcoin100% convinced they cant’ lose and that the price will increase several fold, for such a move to actually occur. Markets seldom work out the way speculators expect them too. More often than not they end up disappointed.

— Peter Schiff (@PeterSchiff) April 11, 2024

“The markets rarely work the way speculators expect. This often ends in a major disappointment for these investors,” said a pessimistic Schiff. However, he has been calling for people to sell bitcoin for about 10 years and has been wrong for 10 years.