Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
Sign in to follow this  
bostonangler

Why Bitcoin’s bear market will drive price to $3,000

Recommended Posts

Bitcoin, as well as the entire cryptocurrency market that stubbornly follows it, is in the midst of a gruelling bear market, with four clear lower highs since the $14,000 top in June.

The world’s largest cryptocurrency is now 50% down from its tremendous peak six months ago, with several altcoins seeing price drops of more than 70%.

The potentially devastating bear market, which was exemplified by the recent moving average death cross, could well see Bitcoin fall by a further 70%, with price targets emerging at $3,150 and $1,850.

The previous two death crosses took place during the 2014 and 2018 bear markets, with Bitcoin proceeding to fall by more than 60% on both occasions.

The only way Bitcoin can nullify the threat of an impending bear market is if it can rally above $8,850 and gain a level of support in that region before any potential move to the downside.

6df4c7b1a6d82ce6f87cf4244b25d80a

Bitcoin’s first hurdle is the 22 EMA on the daily chart, which has suppressed price action for the past month by becoming a bitter point of resistance.

The next level to the upside is $7,900 as it is in confluence with the 50 EMA on the daily chart. This level also provided some support for Bitcoin between the end of September and end of October.

However, the most likely scenario is a drop in price to $6,750 before a potential test of the historical level of support at $5,900, which was a key level during 2018’s crippling bear market.

If that level fails to hold, then Bitcoin will almost certainly enter a phase of capitulation, with bullish traders left questioning whether the asset even has the potential to reverse into a bull market.

https://www.yahoo.com/finance/news/why-bitcoin-bear-market-drive-170005902.html

 

B/A

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.