Is Bitcoin collapsing below $ 5,000? According to the market cycle fractal
Bitcoin (BTC) has been in the bottom 7 in the last few weeks. 00 0 $ consolidates and maintains this important support region. While this consolidation has been bullish as selling pressure has eased for weeks, creating the conditions for a bullish reversal, a popular crypto trader's market cycle analysis suggests that the pain for Bitcoin is just beginning.
The popular trader Rampage writes: Bitcoin shows signs that it is in the middle of a repeating cycle, the pattern of which has already been observed twice in its history.
If this pattern is of current relevance, Bitcoin is in the process of forming a secondary top and could hit the historical uptrend line at ~ $ 5. 00 0 break through – in order to possibly get into a multi-year bear market.
Not only Thrillmex shows a complete breakdown of the bullish structure Bitcoin has been in in recent years.
If you look at the “Wall Street Cheat Sheet Psychology of a Market Cycle” chart and refer to the Bitcoin price, the market is in a “complacency” phase and is about to do so to enter deep depression. Despite the performance of – 50% observed since June, this could bring BTC well below the current level.
There is also a controversial trader who claims that Bitcoin's directional dependency can “fall into the $ 1 range. 00 0 “is signaled. The analyst explains that this would be “good for crypto” since it “would destroy investors and projects” and that the industry needs just that.
Is there still hope for bulls?
Aside from the bearish mood, bulls still have something to cling to. The leading venture capital company “Blockchain Capital” (investor in Coinbase, Ripple, Abra, etc.) has announced that Bitcoin will reach its all-time high of 20. 00 $ 0 “outbid” sometime next year.
“Blockchain Capital” partner Spencer Bogart comments that this will likely be due to a combination of factors: Bitcoin remains a very useful network from a transactional perspective, “processing $ 1 to 3 billion worth of transactions every day”; there has been growth and the introduction of a number of BTC and cryptocurrency fiat focal points in the industry – and the public sentiment regarding Bitcoin implies that the American public still sees BTC as a good technological innovation, a useful invention and see something that needs to be invested in.
Proof of text: newsbtc