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  • Peter Schiff predicts fall of Bitcoin to $1000 USD
  • BTC/USD bearish squeeze risking a drop towards $7,200 USD.

Bitcoin’s drop to $7,300 USD from over $8,100 USD, did not get the community or media as hyped, as the wild swings have become a normal occurrence in the market. However, the “sudden” drop in BTC/USD is a cause for celebration for one heavily invested gold bug, Peter Schiff, who once again called for $1000-BTC.

Peter Schiff Predicts Fall of Bitcoin to $1000 USD

The accelerated downtrend in Bitcoin’s price since the Chinese spike caused by positive comments on blockchain from the President, Xi Jinping, is falling to dangerous levels as resistance turns to support.

According to a tweet sent out by CEO of Euro Pacific Capital, Peter Schiff, the price of BTC may slide down towards the $1,000 region if a complete head and shoulders pattern forms on the daily charts.

With the price oscillating around the $7,500 USD level in the past few hours, BTC/USD is in big trouble if price closes below support levels at $7,200 USD. Crossing below the neckline will confirm the completion of the head and shoulders pattern, signaling bearish momentum on the pair.

BTC/USD risking a drop towards $4,000’s

The formation of a head and shoulders pattern spells doom for BTC perma bulls signaling a very bearish trend coming up. While Peter’s $1,000 USD prediction may be a bit too drastic, a fall towards the $4,000 support levels looks set on the cards.

btcusd

A close below $7,288 USD major support level may effectively begin one of the worst runs in BTC’s price in 2019. Furthermore the Ichimoku cloud predicts a potential bearish run in the coming days as the lead makes a bearish cross with the lagging line.

ichimoku btcusd

With the market experiencing a sour moment, a number of traders are calling out to bulls to reawaken the anticipatory Q4 strength that the community but the technical signs tell otherwise.

 

Images from TradingView

Summary

Peter Schiff predicts Bitcoin (BTC) price drops to $1,000 USD

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Peter Schiff predicts Bitcoin (BTC) price drops to $1,000 USD

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• Peter Schiff predicts fall of Bitcoin to $1000 USD
• BTC/USD bearish squeeze risking a drop towards $7,200 USD.

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Lujan Odera

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CoinGape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Lujan Odera , 2019-11-22 10:34:19 ,

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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

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