CryptoWhale analyst on Twitter warns of an inbound correction for BTC

Quick take

1 minute read

• Over the course of November, the leading cryptocurrency has experienced some extremely volatile times. 

• Following the US presidential election at the start of the month, bitcoin has been pumping in its price significantly and was able to surpass the $18,000 key resistance level last week.

Over the course of November, the leading cryptocurrency has experienced some extremely volatile times. Following the US presidential election at the start of the month, bitcoin has been pumping in its price significantly and was able to surpass the $18,000 key resistance level last week. But one analyst has noted that bitcoin is currently being oversold and as a result, it will inevitably pull back and correct itself to $10,000.

He went on to add that despite the continuous spike in price that Bitcoin has been experiencing as of late, the collection will be massive and will push prices back to levels as haven’t been seen since August this year.

Bitcoin will go below $10,000
Bitcoin will go below $10,000
Bitcoin will go below $10,000
Bitcoin will go below $10,000
Bitcoin will go below $10,000

— CryptoWhale (@CryptoWhale) November 13, 2020

Speaking on Twitter, CryptoWhale said that people are being driven by FOMO (fear of missing out) and they are buying bitcoin at the top in the hopes that the coin will breach the $20,000 key resistance level and its all-time high.

You can see the tweet below:

This FOMO is spectacular!

I’m happy #Bitcoin is rising like this. It sets us up for a much larger downside than I imagined.

All greed and hype is eventually replaced with fear and panic. Don’t forget that.

— CryptoWhale (@CryptoWhale) November 18, 2020

The analyst and trader further went on to say that the drastic price movement from bitcoin is most likely due to the volatile nature of the asset and the overall crypto market.

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