Former CIA employee Edward Snowden has used Twitter to express his opinions on the Bitcoin sector.
Edward Snowden cautioned his followers not to take his tweets as financial advice because he has zero financial education.
BTC Price Following FTX Issue
Edwar Snowden predicts that the market will have a small correction and return to its prior price levels. After the FTX incident, he suggested in another tweet that the industry moves toward safe DEXes.
Along with his tweet from March 2020, in which he said he felt like buying bitcoin, Snowden also included a price graph for the popular cryptocurrency. The tweet came before Bitcoin’s spectacular surge, which propelled it to its most recent record high of $69,000.
Remember how the price of Bitcoin (BTC) plunged precipitously to below $5,000 in March 2020? An ex-contract worker for the US secret services NSA and CIA claims that the current market climate is strikingly reminiscent of March 2020, when Bitcoin started its consolidation phase.
Popular Twitter analyst Michael van de Poppe expresses a similar viewpoint, admitting that markets are just consolidating.
After the recent decline in the price of Bitcoin (BTC) brought on by the stunning failure of the FTX exchange, Snowden’s intuition was meant to start working. Although the bitcoin market still faces numerous challenges, Snowden also acknowledged that he is feeling the need to return for the first time in a very long time.
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Cryptocurrency Technical Market Outlook
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The BTC/USD pair has recovered from the swing lows, which were at $15,555, and has tried to test the technical support level at $17,600. In addition, before the pullback towards the sell-off lows was made, the bulls retraced 38% of the entire sell-off and reached the level of $18,135.
The market is still oversold on the H4 time frame chart, but there hasn’t been a big breakthrough yet. The areas at $17,600, $18,150, and $18,220 are the closest technical resistance zones. As the market continues to trade in a relatively small range, there is currently no sign that the downward trend will cease or reverse.
There is no sign of a potential trend termination or reversal on the H4, Daily, or Weekly time frames, hence the downward trend is still present. The market participants have been using every bounce and attempt at a rally thus far to sell Bitcoin for a higher price, keeping the bearish pressure high.
The new swing low was made at $15,555; if this level is broken, the next long-term target for bulls is seen at $13,712. The psychological level of $20,000 had been violated as the key long-term technical support. On the other hand, the game-changing level for bulls is at $25,367, and it must be flagrantly violated for a valid breakout in the long term.
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