Bitcoin (BTC) is not far from a blow-off top price implosion but investors are “aggressively” buying the dip.
Speaking to Cointelegraph on Jan. 8, popular analyst filbfilb revealed that Bitcoin was due a corrective phase given the pace of recent gains.
filbfilb: I don’t think we’re far from blow-off top
On Thursday, BTC/USD exceeded $40,000 before a spectacular reversal saw a $2,200 drawdown in under give minutes. Thereafter, fresh attempts to flip $40,000 to support were met with rejection, and press-time levels circled $38,400.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
With market participants keen to know what will come next, filbfilb told Cointelegraph that a new style of buying was fuelling repeated all-time highs. As with any market, however, vertical gains could not last forever.
“Bitcoin has continued to make increasingly smaller consolidations after failed sell off attempts. This points to a climatic conclusion at an increased probability in terms of time. I don’t think we are far