Bitcoin price has failed to reclaim and hold above $7,000 and could retest lows set a month ago on Black Thursday.
However, if that recent low fails to hold, the first-ever cryptocurrency could fall to nearly $2,000 according to a mathematical figure that coincidentally is located at an untapped support level from past Bitcoin bull cycles.
Losing $7,00o Puts Bitcoin Price At Risk for Dangerous Drop to $2,000
After repeated attempts to push strongly above $7,000 and hold, bulls have now lost control over Bitcoin price action once again to bearish traders, hoping to short the cryptocurrency to new lows.
At the start of the year, Bitcoin price reached over $10,000, then in less than 48 hours plummeted to $3,800 on the day now known as Black Thursday – a day that set record-breaking collapses in the stock market, crypto, and much more.
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The shocking selloff crushed hopes that Bitcoin’s halving would be a bullish event and caused even the most confident crypto investors to reconsider the asset class and give up on long-term valuation models.
Sentiment has now spent the longest stretch ever in extreme fear, all while Bitcoin price climbed above $7,000. But a failure to hold the level could push the asset back to retest recent lows, or perhaps even lower, according to math.
Can the Golden Ratio Be the Key to Predicting the Final Bear Market Bottom?
Many analysts believe that all future price movements can potentially be predicted using mathematics like geometry. But could the golden ratio be the key to timing Bitcoin’s elusive bear market bottom?
In trading, assets very often peak at or retrace to specific levels based on Fibonacci numbers, such as 0.382, 0.5, 0.618, and the golden ratio, 1.618. Nearly every peak in Bitcoin’s 2018 bear market peaked at 0.618, proving just how valid the theory can be.
According to the location of the golden ratio of 1.618, the psychological support level coinciding with the golden ratio puts Bitcoin price somewhere around $2,000 for the final bottom.
Interestingly, this level is also an untapped support level from the previous bull run – that took Bitcoin price to its all-time high of $20,000. The number is also a full 90% retrace from the all-time high, which is typical of past Bitcoin bull to bear market cycles.
It’s not fully understood as to why assets fall to these important mathematical ratios, but it remains a common strategy amongst crypto traders when planning entries or exits of positions.
Related Reading | Can Ancient Math Predict the Next Bitcoin Top at $220K?
If Bitcoin price does indeed fall to $2,000, given the fearful sentiment in the crypto space, few people are likely to buy the bottom, just like the last time it occurred at $3,200.
Then, trading volumes supported the idea that very few traders actually knife caught that bottom properly, also adding credence to the theory that “smart money” investors buy assets and “be greedy” when the market is fearful. origin »
Bitcoin Cycle Indicators (IBCI) have crossed a critical point on the chart, suggesting a fall could be on the horizon.
BTC has developed strong support levels that could influence a price jump,The post Bitcoin’s next move: Why corrective dip before new highs is likely appeared first on AMBCrypto.
An analyst has explained how Bitcoin could see a top beyond the $168,500 mark based on the historical trend in this indicator. Bitcoin Mayer Multiple Could Reveal Location Of Next Price Top In a new post on X, analyst Ali Martinez has discussed where the BTC top could lie based on the Mayer Multiple.
VanEck predicts this move could diminish national liabilities by an estimated $42 trillion by 2049, assuming consistent debt growth and a significant annual appreciation in Bitcoin's value.
The post VanEck Argues That a Strategic Bitcoin Reserve Could Slash US Debt 36% by 2050 appeared first on BeInCrypto.
On-chain data shows Bitcoin could currently be following a similar pattern as in a previous cycle in terms of this indicator. Bitcoin Could Now Be Entering Phase 2 Of The Bull Run In a CryptoQuant Quicktake post, an analyst has pointed out how the recent trend in the Bitcoin long-term holder supply has been reminiscent to what was observed in the 2017 cycle.
Under such a proposal, bitcoin would be established as a strategic reserve asset and the government could buy up to 5% of the cryptocurrency's total supply, the report said.
Bitcoin (BTC) has recorded a remarkable surge in the past 14 days, nearing the $70,000 mark earlier this week. However, some market watchers shared their worries about the recent retraces, suggesting the cryptocurrency could face another correction ahead of the US Presidential election.
BTC was trading in a symmetrical triangle pattern that could trigger a major breakout to the upside.
Market sentiment also suggests room for Bitcoin to climb even higher, potentially reaching $The post Bitcoin could hit $71K soon, but THESE key conditions need to align appeared first on AMBCrypto.
Is a surge incoming for Bitcoin before the upcoming U.S. elections?
BTC could rally to $70K by the end of October.
On the 14th of October, Bitcoin [BTC] rallied 5% and retested $66K as analyThe post Why is Bitcoin going up today? This historical trend could be key appeared first on AMBCrypto.
Bitcoin could be on the path to a new all-time high if it breaks out of its reaccumulation phase this Saturday, according to an analyst. In a Sept. 14 X post, prominent trader Rekt Capital indicated that Bitcoin could soon…
Bitcoin could create a new all-time high in Q4 with a rally driven by multiple catalysts.
However, profit-taking activities might continue to stifle the short-term rally.
Bitcoin [BTC] tradeThe post Here's why Bitcoin’s ATH could be closer than you think appeared first on AMBCrypto.
Bitcoin shows signs of improving market confidence but short-term headwinds are still in play, influencing its performance.
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Economic uncertainty and potential Fed rate cuts could either stabilize Bitcoin or lead to further declines, impacting investor sentiment and ETF flows.
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An analyst explained that the next target for Bitcoin could be $78,700 if BTC could cross this resistance level of an on-chain pricing model. Bitcoin MVRV Extreme Deviation Pricing Bands Put Resistance At $65,800 In a new post on X, analyst Ali has discussed some price levels for Bitcoin that could be important based on an on-chain pricing model.
Bitcoin's post-halving period could see up to two months of price stabilization, with potential fluctuations around $10,000, influenced by shifts towards altcoins and a quieter summer expected.
The post Bitcoin Price Could Remain Stagnant for 2 Months: Report appeared first on BeInCrypto.
Bitcoin holders were still profitable, which threatened more selling pressure should the market uncertainty continue.
The MVRV ratio's predicted dip could take Bitcoin prices below the key $59kThe post Bitcoin's post halving correction could pull BTC's price by 20% IF... appeared first on AMBCrypto.
In a compelling forecast for Bitcoin, Ali Martinez, a well-known cryptocurrency expert and trader, has pointed out a possible development that could propel the crypto asset’s price to the $86,000 threshold in the foreseeable future.
Key takeaways Bitcoin could be heading towards a new all-time high soon as it broke past the $52k mark for the first time since December 2021. The Bitcoin halving is only 66 days away and the market could provide numerous opportunities to investors.
The long-awaited approval of a Bitcoin exchange-traded fund (ETF) in the US could actually catalyze a correction in crypto prices rather than an immediate rally, according to analysis by Cryptonary.
As the bullish sentiment around crypto solidifies, investors are eyeing what could be the next big thing and attention is on some of the trending presale projects. Could Shiba Memu (SHMU) be worth a bet in the current market? Bitcoin taps major level amid bullish predictions Bitcoin touched $42k this week, with its yearly gains […]
The price of Bitcoin presses on towards the upside and, once again, touched a critical resistance close to $38,000. The cryptocurrency could trend sideways at its current levels in the short term, leading analysts to find the support level that could withstand a spike in selling pressure.
Former BitMEX CEO Arthur Hayes voices a concern that institutional custody, spurred by potential Bitcoin ETF approvals, could derail Bitcoin's original promise of financial freedom and decentralization, turning it into just another institutionalized asset.
Morgan Stanley, a big investment bank, has just stated that the upcoming Bitcoin (BTC) halving will likely trigger a fresh bull market in 2024. This means that the price of Bitcoin could go up significantly and so will other altcoins.
With Bitcoin ETFs round the corner, financial institutions are gearing up to promote BTC investing. The message is likely to obscure Bitcoin’s origins but could be useful for native-crypto companies, argue Dave Birnbaum and David Waugh, from Coinbits.
Bitcoin price attempted a fresh increase above the $34,500. BTC could start a major downside correction if there is a close below the 100 hourly SMA. Bitcoin is still struggling to clear the $35,000 resistance.
The flagship cryptocurrency, Bitcoin, is fast approaching $31,000 following its gains over the weekend. Analyzing this price action, crypto analyst Ali Martinez has predicted Bitcoin’s future trajectory as he suggests that the bears could regain dominance soon enough.
The Nasdaq (NDX) retreated last week, leaving behind a nasty looking candle. However, when measuring the underlying trend strength, tech stocks could have a lot more to go. And if that’s the case, it could be bullish for Bitcoin according to a new historical comparison.
An explosive upward trajectory, triggered by the Livermore trendline, could help Bitcoin reach $48,000.
While there were signs of correction, an entry point could be BTC's press time price.
Quick Take Bitcoin is hovering around $28,500 and has proven significant resistance in the past few weeks.
The post Long-term holders capitulating to the tune of 100k Bitcoin after SVB collapse could mark a stronger market rebound appeared first on CryptoSlate.
According to new data by CryptoQuant, the upcoming Bitcoin halving could trigger a relief rally for Bitcoin.
Miner revenue declined as holders sold their BTC for a loss.
Bitcoin [BTC] holderThe post The upcoming Bitcoin halving could have this effect on your holdings appeared first on AMBCrypto.
What next after Bitcoin (BTC/USD) broke below its long-term psychological level at $19,000? According to a crypto analyst who predicted the 2021 crash, Bitcoin is headed to $13,000. The pseudonymous analyst tells his 618,400 Twitter followers to expect one “last nuke” that could see altcoins also tank by 30-40%.
Bitcoin [BTC] managed to surpass the $19,000 level towards the end of October. The king coin was constrained to this level for the longest time and made several attempts to move past it. Both holders The post Could Bitcoin’s security be at risk as a result of this update? Decoding details appeared first on AMBCrypto.
The Golden Ratio Multiplier, a Bitcoin-specific indicator created by Philip Swift, highlights $100,000 as a critical resistance level. This analysis explores how Fibonacci multiples of the 350-day moving average provide key insights into Bitcoin's price cycles, with $127,000 emerging as the next major target if this barrier is broken.
