According to analyst Bluntz, who accurately predicted Bitcoin's 2018 bear market bottom, the cryptocurrency appears to have formed a bearish lower high setup on the four-hour chart, indicating a loss of momentum and a potential ABC correction that could send Bitcoin below $28,000.
Bluntz predicts an abrupt reversal for BTC after hitting his downside target, with a rally pushing BTC above its resistance at $31,500 en route to around $33,800.
Fellow analyst Inmortal sees BTC briefly breaking the psychological support at $30,000 before regaining its bullish momentum, while strategist Rekt Capital believes Bitcoin's current consolidation is just another re-accumulation phase that sets up Bitcoin for an eventual burst to the upside. At the time of writing, Bitcoin is trading for $30,603.
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