Skip to content Skip to sidebar Skip to footer


Right on cue, Peter Schiff, a prominent cryptocurrency critic, has come out to bash Bitcoin (BTC). This time, the prominent libertarian investor has suggested that the leading crypto asset is preparing to drop by upwards of 80% to $1,000.

More specifically, Schiff said that Bitcoin is nearing the neckline of a head and shoulders chart pattern, which suggests that if it’s broken, a measured move to $1,000 will be had.

This comes just a month after he asserted that Bitcoin’s price chart “looks horrible.” He remarked that the “(bear) flag that followed the recent breakdown projects a move to $6,000.”

He continued that not only did Bitcoin fall out of a flag, “but we are [also] close to completing the right shoulder of a head and shoulders top … that projects a collapse below $2,000.”

Bitcoin Price Does Look Weak

While $1,000 has been deemed an impossible price target by many a crypto analyst, there is no doubt that this market is weak, especially seeing that the historic 42% bounce seen just last month has been nearly entirely retraced.

According to analyst Capo of Crypto, this recent drop satisfies a fractal — historical price action repeated on a new time frame — that he has been tracking for a while now. Should the fractal play out in full as the trader expects, the price of bitcoin will fall to the mid-$6,000s, potentially as low as $6,200, by the end of next week.

Indeed, the market does look weak. Per previous reports from this outlet, Bitcoin closing the weekly candle under $7,900 could spell the end of the bull market. The Super Trend, “which can give you precise buy or sell signal in a trending market” by using moving averages and other simple technical indicators, suggests so.

Featured Image from Shutterstock


Nick Chong , 2019-11-21 17:57:04

Source link

Leave a comment

NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

Source link