Bitcoin Price May See Another Leg Down, Analyst Warns

The market for Bitcoin futures contracts is showing signs of a potential downturn, according to a TradingView analyst.

The analyst suggests that there may be one more leg down in the price of BTC, which could take out remaining long positions and those who have been averaging down their investments.

This idea is based on the way the market bounced off its previous low, which resembles a wave 4 pattern. The analyst also notes that Bitcoin is teetering on the edge of a negative funding rate, a contrarian indicator that often precedes a price drop.

The analyst's prediction is for a massive, multi-week negative lunar event, which would likely have significant implications for the market.