Throughout much of 2018, support at $6,000 acted as the absolute Bitcoin price floor, with each time bears pushed the price of the first-ever crypto-asset down to the range, it would reverse and rally – only to stop short of ever setting a new higher high.
But in November, the unthinkable happened and took Bitcoin price down to the deepest depths of the bear market, finally reaching a bottom. Now, one crypto analyst says that they are expecting a “November 2018 style dump” to happen once the symmetrical triangle Bitcoin is currently in breaks down, and panic begins to ensue across the crypto market.
The bear market may long be an afterthought at this point, but that doesn’t mean that bears can’t once again get the best of bulls, who have exhausted most of the buying pressure during Bitcoin’s recent parabolic rally that topped out just before final bear market resistance.
The rejection at $13,800 has caused Bitcoin price to consolidate inside a multi-month symmetrical triangle, that based on current price action is at a very real risk of breaking down and sending the price per BTC plummeting.
According to one prominent crypto analyst, the leading crypto asset by market cap could experience a dump comparative to the November 2018 drop, if the symmetrical triangle that Bitcoin price is locked inside breaks down. Symmetrical triangles are typically continuation patterns but can break in either direction depending on price action and sentiment.
The analyst believes that the triangle will break down, because logic would have suggested that “if bulls were indeed in charge” price “would have broken $12K on August 8, 2019.”
August 8th was the most recent Bitcoin “top” or peak at roughly $12,250. It was again rejected there and rapidly fell back down to below $10,000, where it quickly rebounded to $10,900, before falling back below $10,000 once again.
After this many trips to the $9,000 range, it’s only a matter of time at this point, according to the analyst, that the first-ever crypto asset will experience a fall similar to what occurred in November 2018.
Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000
In November 2018, Bitcoin price fell from seemingly unbreakable support at $6,000 to roughly $3,200 before putting in what most are hopeful was the bear market bottom.
Now, Bitcoin price has once again rallied above $10,000 – an important price point said to spark much FOMO in the market – and a similar drop percentage-wise as the drop in November from $10,000 would take Bitcoin price back down to $5,400, where support at $6,000 that was flipped resistance, back into support, will be testing once again.
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