Bitcoin Price Could Face A Meltdown – Get Ready For Accumulation

It seems that the price of Bitcoin could see a meltdown. You should get ready for an accumulation, according to the latest reports.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $20,581.

A closely followed crypto trader is issuing an alert to Bitcoin (BTC) holders. He recently said the fact that the king crypto’s current market structure looks similar to its price action prior to a deep plunge about three years ago.

Pseudonymous analyst Kaleo said that Bitcoin is currently consolidating above a diagonal trendline after taking it out earlier this year.

According to the trader, the price action is reminiscent of how Bitcoin moved in early 2020 when it rallied from around $6,000 to $10,000 only to capitulate back to $3,000 in March of the same year.

“Please lord be different this time.”

He also said that even if Bitcoin’s current market structure appears ominous, Kaleo says that there’s still a chance for BTC bulls to come out ahead as long as the trendline holds.

“Both Bitcoin and SPX are retesting major high timeframe support levels.

In my opinion, there’s no reason to be a doomer / incredibly bearish here as long as these hold.”

Bitcoin just bounced off a historical line of support at $20,000 as the Biden Administration launched an all-out assault on cryptocurrency and the 50 million American citizens and voters who own digital assets.

“The latest jab stems from President Biden’s dead on arrival tax plan, which would impose a 30% tax on the energy used for Bitcoin mining, reports the New York Times,” according to the reports coming from the online publication the Daily Hodl.

The plan would also stop crypto investors from selling assets at a loss and quickly rebuying them in order to save on taxes, reports Bloomberg.

“This follows news that the US government just sent $217 million in confiscated Bitcoin to the crypto exchange Coinbase, where it could be sold on the open market,” the same notes reveal.