A popular crypto trader is predicting that Bitcoin is ripe for a significant correction.
The pseudonymous analyst, known in the industry as Loma, says that low timeframe (LTF) crypto traders will be the first victims of what he expects to be vicious Bitcoin price action.
Bitcoin has a history of going through large retracements after major moves to the upside, and the strategist says fellow traders should get ready for a big one.
“Alright, the new game plan is we’re going to perform an elaborate upwards chop that rekts LTF traders. Push it past the general consensus bullish target say $16,400-$16,700. Then, we have our first real crash that reminds everyone [of] the destructive nature of BTC even in a bull market.”
Loma is not the only trader who believes that Bitcoin is about to print a local top. Widely-followed crypto analyst Michaël van de Poppe tells his crew of 84,000 that Bitcoin