Bitcoin’s BTC/USD is languishing around $112,000, but a prominent trader remains adamant about a strong end to the year.
What Happened: Trader Mayne has taken a bold countertrend long on Bitcoin around $112,350, despite multiple bearish signals in the market.
Mayne described the trade as “pre-emptive,” acknowledging that Bitcoin’s weekly, daily, and 12-hour structures are currently bearish, making it a high-risk setup.
His decision is based on the confluence of support levels, suggesting that if a bounce is going to occur, this is the most likely area.
At the same time, Mayne highlighted significant bearish pressures.
Bitcoin’s recent price action resembles previous cycle peaks that started with swing failure patterns (SFPs), and the cryptocurrency is underperforming relative to traditional markets like the S&P 500, gold, and the dollar.
This divergence raises concerns that Bitcoin could face additional downside if equities pull back, underscoring the risky nature of his counter-trend position.
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What’s Next: For lower-risk traders, Mayne advised waiting for confirmation: a 12-hour close above recent lows to validate an SFP pattern.
While this reduces reward potential, it provides greater protection from downside moves.
Despite near-term risks, Mayne’s broader outlook remains bullish.
He predicts one final pullback before Bitcoin dominance rebounds, potentially sparking the next leg of the bull run.
Still, he stressed that if current support fails, BTC could move sharply lower.
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