Trader Known For Calling Bottoms Predicts Bounce For Bitcoin, Flashes Warning For Short Sellers

A pseudonymous crypto analyst and trader said on Thursday that the bullish sentiment is once again on the rise for Bitcoin BTC/USD, the flagship crypto. 

What Happened: By observing swing failure patterns (SFPS) forming in the daily charts of BTC in a downtrend, Bluntz believes that Bitcoin is about to overcome crucial resistance levels and experience a major bullish run.

For those who aren’t familiar, a swing failure pattern is a technical analysis tool that suggests a reversal to the upside in a downtrend or a reversal to the downside in a bullish run when a certain pattern occurs.

“I don’t think now’s the time to be short, that was weeks ago,” Bluntz advises his Twitter followers.

See More:The Art Of The Future: Lisa Ray’s TheUpsideSpace Bring NFTs To Center Stage

Why It Matters: While the analyst is optimistic about BTC’s potential, he’s also keeping a close eye on the next resistance levels that lie ahead. For Bluntz, these levels include $28,300 and $29,500.

Data from Coinglass revealed that the crypto market has seen over $25 million worth of BTC long liquidations, and over $6.39 million in shorts in the last 24 hours.

Bitcoin BTC/USD reached a high of $27,500 on Thursday before experiencing a brief pullback in the early afternoon, causing the king crypto to dip to almost $26,400.

Read More: Bitcoin, Ethereum, Dogecoin Fall Amid Regulatory Uncertainty: Analyst Predicts Apex Crypto Set To Plummet 50% This Year, But Says No Need To Panic