Bitcoin (BTC) is heading for “absolute carnage” which will result in a trip to around $25,000, a popular trader has warned as bullish signals disappear for BTC/USD.
In characteristically direct tweets this week, Twitter account Cobra Crypto warned that 20% is about to be shaved off the entire cryptocurrency market cap.
Crypto to see “absolute carnage” within days?
Bitcoin has suffered from downside over recent days despite “feelgood” news stories from the Bitcoin 2021 conference, including adoption in Latin America.
Now, after BTC/USD lost 9% overnight, attention is turning not to a recovery, but a deeper price dip to test hodlers’ “diamond hands.”
According to Cobra Crypto, the size of the capitulation will cost $30,000 support which remained during the May retracement.
“Absolute carnage within next 5 days or you can tell me how wrong I was,” he wrote on June 4.
An update gave a time limit of 48 hours from Monday for the fresh losses to enter the market. Bitcoin, he argued, would not