Josh Olszewicz, a crypto analyst at Brave New Coin, suggests that Bitcoin (BTC) may be in for an impending drawdown. Speaking to Forbes’ Benjamin Pirus in a podcast, the popular trader noted that Bitcoin has reached a point where the pullback that is on its way will “just be super painful.” He adds that BTC should’ve pulled back for a while now.
Olszewicz looks to the fact that on high time frames, Bitcoin and indicators pertaining to the asset are showing bearish divergences and overbought signals, hinting that bulls are losing control of the cryptocurrency wheel. Indeed. Per previous reports from Ethereum World News, the analyst recently explained that Bitcoin was trading over 30% a key band of its Ichimoku Cloud, an indicator meant to show trends, key support and resistances, and momentums.