Reading: World’s Largest Army Could Be Rewarded in Crypto Soon

Sponsored Article

Bitcoin Price Could Find New Bottom at $1000: Analysis

Bitcoinist

Bitcoinist | Oct 24, 2019 | 11:42

bitcoin price death cross Sponsored Article

Bitcoin Price Could Find New Bottom at $1000: Analysis

Bitcoinist

Bitcoinist | Oct 24, 2019 | 11:42


Send
Share

Bitcoin failed to set a higher high and break above its previous all-time high, signaling that the bear market isn’t yet over. A massive descending triangle marked the peak of the 2019 rally. Now analyst AkiraMax opines that after an impending death cross, BTC could drop as low as $1,000.


Bitcoin Turns Bearish: Death Cross Follows Descending Triangle Breakdown

2019 has been a confusing year for cryptocurrency investors. The year started off at the most extreme lows the bear market had to offer, yet within months Bitcoin’s price skyrocketed and went on a parabolic rally, nearly revisiting its previous all-time high of $20,000.

But the parabolic advance was stopped short by the final resistance before BTC could attempt to set a new high and was rejected with force around $14,000. Following the rejection, Bitcoin price began to consolidate as the market decided which direction it wanted to take next – another attempt at setting a high, or a revisit to lows to confirm previous resistance as support?

The resulting consolidation formed a descending triangle chart pattern – a formation that is heavily bearish and typically breaks to the downside. And that’s exactly what happened this past September when Bitcoin broke down from the pattern, and immediately dropped $2,000 within 48 hours.

The drop caused BTC to fall below the 200-day moving average, dragging down the 50-day moving average along with it and setting the stage for a potential “death cross.”

bitcoin price chart death cross

A death cross occurs when a short-term moving average – the 50-day MA – crosses below a long-term moving average – the 200-day MA – and signals to investors that the asset could fall into a deep downtrend.

If Bitcoin price cannot bounce back to recent highs in a matter of the next few days, the death cross will occur, and a downward spiral may ensue.

BTC Bottom Isn’t In, Retrace To $1,000 Imminent

After the 2018 bear market, crypto investors and traders were able to breathe a sigh of relief after Bitcoin set its “bottom” at around $3,000. However, that low may not have been the bottom of the bear market, and the entire 2019 parabolic rally may have been nothing more than a bounce and bear market rally, before even deeper downside in the crypto asset occurs.

According to expert crypto analyst AkiraMax, following the breakdown of the bearish descending triangle pattern, the market will see a total of 5 impulse waves. After each wave down, the analyst expects a minor wave up before the next downward wave takes place until it reaches its final destination: $1,000.

If Bitcoin’s price indeed reaches levels around $1,000, it will represent a full 95% retracement from the cryptocurrency’s all-time high price of $20,000. Such a drop would also mean that $3,000 wasn’t the bottom of the bear market, and a drop below that previous low would likely create widespread fear, uncertainty, and doubt across the crypto market – which is typically a strong contrarian buy signal.

 Is Bitcoin’s bottom already in, or will it drop down to $1,000? Share your thoughts in the comments section below!


 Disclaimer: The above bitcoin price technical analysis is sponsored by Akira Max, founder of thecointop.org and contains a link to his Twitter account and tweets. 


Images via Shutterstock, AkiraMax

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?


Send
Share
Show comments