The executive director of trading and investment analysis firm Green Bridge, Marc Principato, has warned traders not to go long on Bitcoin. The executive director stated that he has been expecting a BTC correction since the king coin crossed $15,000. Now, BTC is currently over $17,000.
In a note, Principato said that he expects BTC would correct to as low as $13,600 before it climbs to all-time highs. He added:
“As of right now, there is still no reason to take any longs. The nearest significant support level continues to be in the mid 13k to low 14ks. Our plans required 3 things to unfold before we can assume any risk. 1st we need to reach a predetermined level (14,250 to $13,000).”
The executive further highlighted the two “things” that need to be unfolded. According to the note, the second thing is for price action to produce a clear chart pattern, and thirdly, confirmation is required.
In addition, Principato also noted that BTC would possibly hit $20,000 in the coming months.
Despite warnings to caution investors from taking longs, people remain confident in BTC with the rise of investors and the token’s steady increase. On the 16th of November, English actress Maisie Williams created a poll on Twitter, asking if she should “go long on Bitcoin.” The actress did not include any further details on her investment plans and the tweet generated a lot of positive responses from investors. In response, billionaire Mike Novogratz encouraged Maisie to go ahead, predicting that BTC would hit $65,000.
Image Credits: Pixabay
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