• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, us dollar, us dollar index, dxy
Nexo

Bitcoin Analyst Who Accurately Foresaw Feb Crash Says $9.8K is Next

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0
Advertisement

Bitcoin is going to fall to $9,800, according to a pseudonymous analyst.

The prominent daytrader cited the formation of a Head and Shoulder pattern behind his bearish analogy. In retrospect, H&S is a technical pattern described by three peaks. The outside tips are higher in levels while the middle one is the highest. Meanwhile, they receive support from a so-called baseline. It is a bullish-to-bearish indicator.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, us dollar, us dollar index, dxy
Bitcoin H&S sets a downside target at $9,800. Source: TradingView.com, CryptoHamster

XBT/USD formed a similar pattern on its four-hourly BitMEX chart, as shown in the chart above. The pair made two peaks posing as shoulders and the one in the middle acting as head. Meanwhile, all the erections held firm above a baseline support level.

Fractal

The analyst recalled a similar technical pattern that ended up in a negative breakout in February 2020. He said the indicator had the price lowered to a target level at $8,720, fearing the fractal could now repeat in the third quarter, with $9,800 in view as the H&S downside aim.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, us dollar, us dollar index, dxy
A Bitcoin fractal from February 2020 showing the price forming a similar H&S pattern. Source: TradingView.com, CryptoHamster

Fractals do not guarantee repetitions. Nevertheless, they tend to reveal how traders might behave based on their previous sentiments.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

In February 2020, when XBT/USD crashed to $8,720, the global market was facing uncertainty from the rising COVID-19 pandemic. Meanwhile, investors had already seen a sharp reversal in the US stock indexes and gold amid an increasing bid for the US dollar. That also served as the reason behind Bitcoin’s fall.

But at present, many of the fundamentals have switched sides. The global central banks, on the whole, have injected $70 trillion worth of liquidity into the markets. Meanwhile, the US Federal Reserve has committed to buy bonds indefinitely and keep its benchmark lending rate near zero.

As a result, the US dollar earlier crashed to its two-year low. Meanwhile, Bitcoin rose by more than 200 percent from its March 13 nadir.

What’s Next for Bitcoin

The latest round of downside correction in the Bitcoin market had two triggers: a recovering US dollar and a sentimental shift to the yield-rich decentralized finance sector.

Earlier this week, the US dollar index rebounded from its two-year low, following an optimistic report on the US manufacturing data. That coincided with a reduced demand for safe-haven assets, affecting both gold and Bitcoin.

Meanwhile, the benchmark cryptocurrency’s market dominance fell below 60 percent. It reflected a massive capital shift from the Bitcoin market to a booming decentralized financial sector. Some of the projects listed under the “DeFi” tag has earned their traders up to 5,000 percent YTD gains already.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, us dollar, us dollar index, dxy
Bitcoin dominance falls to its 15-month low. Source: TradingView.com

Nevertheless, these factors have not hurt Bitcoin drastically. The cryptocurrency continues to hold above key support levels, with long-term investors looking at an extended period of lower interest rates and inflation as their reason to stay bullish.

Some of them expect XBT/USD to hit $20,000 by the end of this year.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Bitcoin

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

17 hours ago
Oslo Freedom Forum, Lyn Alden screenshot

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

1 day ago
Bitcoin

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

1 day ago
El Salvador

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

3 days ago
Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days

Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days

3 days ago
North Korean Hackers

North Korean Hackers Suspected Of Perpetrating $100 Million Harmony Attack

4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.