Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So

2019-12-15 23:49

Over the past few weeks, Bitcoin (BTC) has found itself consolidating in the low-$7,000s, holding this key support region as bears threaten the cryptocurrency’s demise. While this consolidation has been bullish, in that selling pressure has abated for weeks, setting the stage for a bullish reversal, a market cycle analysis by a popular crypto trader suggests that the pain is just beginning for Bitcoin.

Related Reading: Could Bitcoin Price Press Higher as PlusToken Liquidations Slow? Bitcoin Ready to Head Under $5,000?

Popular trader Rampage recently noted that Bitcoin is showing signs that it is in the midst of a repeating cycle, one seen twice in the asset’s history.

The cycle is marked by a parabolic and rounded blow-off top, consolidation near said top, a strong drop to test a historical uptrend, a secondary top formed below the primary blow-off top, then a collapse under the aforementioned historical uptrend to enter a bear market phase.

Should this pattern be of current relevance, Bitcoin is in the midst of forming a secondary top, and is thus poised to break through the historical uptrend line at ~$5,000 to enter a potentially multi-year-long bear phase.

$BTC dump cycle. pic.twitter.com/U7VgRSK1m9

— Rampage (@Thrillmex) December 14, 2019

It isn’t only Thrillmex that is charting an entire collapse of the bullish structure that Bitcoin has found itself in over recent years.

Per previous reports from NewsBTC, the application of the Wall Street Cheat Sheet “Psychology of a Market Cycle” chart to Bitcoin’s long-term price trajectory demonstrates that the market is in a “complacency” phase, and is on the verge of entering a deep depression, one that could bring the cryptocurrency well under where it is even now, despite the existing -50% performance seen since June.

For all of us I sure hope this isn't the cycle we're really in… pic.twitter.com/opLCQ3h48l

— James (@coinzada) November 11, 2019

There’s also a controversial trader that claims that Bitcoin’s directionality implies it will go “to the $1,000 range.” The analyst explains that this would be “good for crypto” as it would “destroy investors and projects,” claiming that’s exactly what the space needs.

Related Reading: What’s the Best Way to Drive Bitcoin Adoption? Billionaire Says Crypto Giveaways Do Bulls Have Any Hope?

Bearish sentiment aside, bulls still have things to hold onto. Per previous reports from this outlet, top industry venture capital firm Blockchain Capital (investor in Coinbase, Ripple, Abra, etc.) revealed that it expects for Bitcoin to “blow past” its $20,000 all-time high sometime next year.

Blockchain Capital partner Spencer Bogart remarked that this is likely to take place due to a confluence of factors: Bitcoin remains a very useful network from a transactional standpoint, “processing $1 billion to $3 billion worth of transactions daily”; there has been growth in and the adoption of a number of BTC and cryptocurrency fiat on-ramps into the industry; and public sentiment regarding Bitcoin implies that the American public still sees BTC as a good technological innovation, a useful invention, and something to be invested in.

Related Reading: Bitcoin’s Reaction to This Critical Level Could Determine How It Trends In 2020 Featured Image from Shutterstock

The post Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

weeks bitcoin bullish cycle market selling cryptocurrency

weeks bitcoin → Результатов: 126


Фото:

Bitcoin Remains in Firm Bull Territory as Buyers Defend Critical Support

Bitcoin has remained in firm bull territory over the past several weeks, despite it showing some signs of immense weakness Much of the benchmark cryptocurrency’s current strength comes from its ability to hold above its SMA50 One analyst believes that this is the level that will determine the crypto’s future in the days and weeks ahead He also notes that some hidden bullish divergences are working to counter the weakness stemming from BTC’s “somewhat defined” […]

2020-7-8 02:00


Фото:

This Bitcoin Indicator Forecasted the 2017 Bull Run. It Just Flashed Again

Bitcoin’s lackluster price action over the past few weeks has struck a serious blow to investor sentiment, leading many to anticipate weakness in the days and weeks ahead. That being said, this growing bearishness may be unwarranted, as some interesting trends seen while looking towards its on-chain fundamentals seem to suggest that further upside is […]

2020-6-20 00:00


Фото:

Analysts Claim Indirect Investment in Cryptocurrency and Blockchain helps Manage Massive Risks

There has been an extra amount of negative sentiment directed towards cryptocurrencies in the last few weeks as Bitcoin slowly winded down from $8500 to $6800 over the course of a month. Many wealth managers believe it is better to gain exposure to this space by investing in publicly listed companies that are working withRead MoreRead More.

2019-12-9 20:00


Analyst: Bitcoin stock to flow model could signal that $10,000+ BTC is imminent

Bitcoin has been caught in the throes of a strong and enduring downtrend over the past several weeks, which was first sparked when the crypto failed to stabilize above $10,000 in late October. This downtrend, however, may soon draw to a close, as one pricing model suggests that Bitcoin could be on the cusp of […] The post Analyst: Bitcoin stock to flow model could signal that $10,000+ BTC is imminent appeared first on CryptoSlate.

2019-11-28 06:00