A cryptocurrency analyst has stated that Bitcoin (BTC) is preparing for a pullback after its recent surge. The analyst expressed that BTC would not be surprised to see a rise before a significant decline.
The analyst emphasized that investors should focus on Bitcoin’s upward movements that are not based on short-term fluctuations. The recent rise of BTC to $38,000 could be setting the stage for a decline.
Attention was drawn to spot-focused movements rather than short-term fluctuations in the rises. It was emphasized that such movements should occur without forcing short positions to close.
The analyst predicted that an increase in long positions could lead to BTC losing momentum and pulling back. An increase in long positions during a rise can cause panic selling if the price starts to drop, leading to a faster decline in price.
The expert warned that there could be a decline in Bitcoin following a misleading rally and stated that a true rise would be understood through spot-focused movements. He also mentioned that an increase in long positions could lead to a sharp decline in BTC.