Bitcoin (BTC) traded 2.5% higher from the lows of the prior day, but fears of a ‘horrendous bearish engulfing’ is spreading among crypto traders and investors like an unfazed virus.

BTC bumped slightly higher on April 23 to price near the $27,700 at the time of writing, but 10-day lows remained in place, prompting analysts to have differentiated viewpoints regarding the next move for the world’s most popular cryptocurrency.

Crypto fanatic Crypto Tony took to Twitter to react on Bitcoin’s latest move, and his remarks suggested that BTC will dwindle further: “$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there.”

He further added that “it is the most logical target” and that he expects “a reaction once tested”. This target would mark a new bottom for BTC, which sustained more than a 10% setback over the week which negativized its April performance.

Other market participants appear to share the same consensus over BTC’s upcoming price action, suggesting that the short-term bearish moves should not offset the larger upward-trending trajectory of Bitcoin’s price.

Founder and CEO of trading firm Eight, Michaël van de Poppe, shared his view on Twitter, and he believes that BTC is on track towards registering a new higher low before continuing the uptrend.

Sources:

https://cointelegraph.com/news/bitcoin-price-crawls-2-5-off-lows-as-weekly-chart-risks-bearish-engulfing

https://twitter.com/CryptoTony__/status/1650022575286767617

https://twitter.com/CryptoMichNL/status/1650062257613676545

https://www.tradingview.com/symbols/BTCUSD/

https://coinmarketcap.com/currencies/bitcoin/