Although analysts have been surprisingly cheery over recent days, some have kept a level head. Amarok, a crypto-centric chartist, recently issued a warning to his investors via Twitter about the short-term prospects of Bitcoin.
He drew attention to BTC’s price action from mid-December to mid-January. During that time, the leading cryptocurrency traded within a $3,564 to $4,241 Fibonacci range. While this isn’t anything notable in and of itself, the asset failed to break above its 0.786 Fibonacci ($4,096) prior to falling dramatically — all on somewhat declining trading activity.