• 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
bitcoin black thursday
Nexo

Recent Bitcoin Top Shares Key Similarities With Black Thursday Plummet

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
Advertisement

Bitcoin’s recent $2,000 crash sent chills down the spines of crypto investors, turning market sentiment from extreme greed to fear in less than 48 hours flat.

The sharp drop brought back all too fresh memories of the mid-March Black Thursday market collapse.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

But before that crash turned into total collapse, there was a pause before the panic fully kicked in. A comparison showing current Bitcoin price action has made rounds around the web, prompting investors to fear the worst day in finance could soon repeat.

Let’s take a look at the recent comparisons, as well as some other shocking similarities found on higher timeframe charts.

Is a Repeat Of Black Thursday Just Days Away? Remembering The Shocking Day

February 2020 saw new highs in the stock market and a retest of $10,000 in Bitcoin. Weeks later, an over 30% fall in the stock market, and over 50% collapse or more took place all across crypto.

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

Nothing was safe from the madness – even relatively stable precious metals and forex currencies were crushed under the enormous panic-selling into the dollar.

After that, however, the weakest phase in the dollar’s recent history let these same markets recover to new 2020 highs. The recovery has been one for the record books, shocking analysts at just how inflated the stock market bubble has begun to get.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

RELATED READING | HOW THE GREENBACK TURNED BITCOIN AND CRYPTO INTO A SEA OF RED

With the bubble just unwilling to burst under any circumstances, after such an enormous stretch of recovery, equities and Bitcoin have experienced their first significant pullback since the fateful day now dubbed Black Thursday.

The recent crash has shown some strange similarities between the two, prompting an image to make its way to the top of the Reddit r/cryptocurrency community. An image showing the below comparison highlights just how well the first fall before the Black Thursday plummet matches up with the current price action.

btcusd black thursday

BTCUSD Daily Black Thursday Fractal | Source: TradingView

 

Ominous Bitcoin Fractal Could Lead To Violent, 54% Selloff

But that’s not the only similarity between now and then. The above chart depicts daily timeframes, but zoomed out to weekly price charts below, there is more to compare.

btcusd black thursday2

BTCUSD Weekly Black Thursday Fractal | Source: TradingView

The weekly “top” Japanese candle structure almost exactly matches the candle structure of the recent crash. After an extended uptrend, at the peak, there is a red and a green doji-like close, signaling indecision in the market about if it wants to carry along higher or retest below.

Both times, the market decided in a retest. Black Thursday, clearly didn’t hold at support. This time around, Bitcoin spent a full three months building a base at which it broke through $10,000 – could this have been enough to build support that holds through even pandemic-related panic that’s still prevalent today? And can it also hold strong even with the risk of the upcoming election?

RELATED READING | WHY THE UPCOMING US ELECTION IS BITCOIN’S BIGGEST RISK

Hopefully, that continues to remain the case, as another, similar drop would be deadly for Bitcoin. The last fall from the weekly candle close that started the violent collapse, dropped a full 54%. If price action continues to trace along, after last night’s weekly close, the cryptocurrency will fall sharply over the next two weeks to around $4,700.

btcusd black thursday3

BTCUSD Weekly Black Thursday Fractal Repeat Target | Source: TradingView

A collapse from $12,400 to $4,700 when crypto investors were expecting a breakout of the triangle would be brutal on the market. However, could such a move shake out any remaining “moon boy” mentality from the space, finally allowing the asset class to grow healthily and sustainably?

Featured image from Deposit Photos.
Charts from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

Related Posts

Anthony Scaramucci

Here’s Why Scaramucci Expects Bitcoin Price To Reach $300,000 Before 2030

2 days ago
liquidations

Liquidations Cross $280 Million After Bitcoin Price Falls Below $25,000

2 days ago
Bitcoin

Bitcoin Will Beat Gold As Store Of Value, MicroStrategy CEO Says

2 days ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

2 days ago
Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

3 days ago
UNCTAD, document heading

UNCTAD Wants To Curb Crypto Adoption In Developing Countries. Of Course They Do

5 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 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.