Alex Kuptsikevich, senior financial analyst at FxPro, told Forbes: “Bitcoin’s swing range has declined recently, forming the basis for a powerful exit with a compressed spring effect.

“A sequence of increasingly lower highs is a significant selling factor.

“Given the fear-of-missing-out nature of cryptocurrencies, a prolonged consolidation is increasingly frustrating for speculators.

“The main question now is whether bitcoin fall to the levels near $23,300, where it paused before last Christmas.

“We cannot rule out that with massive liquidation of margin positions the price will even close the gap at $18,000.

“Overall, such a reversal would be a repeat of the 2018 so-called crypto winter, opening the possibility for a price collapse toward a bottom near $10,000, nullify the rally since October 2020.”