Bitcoin price can crash quickly, here’s why

By January 27, 2020Bitcoin Business
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MOST IMPORTANT POINTS

  • Bitcoin could crash up to $ 3,300 before the halving
  • BTC follows the same path as in the bear market of 2018
  • The technical image of Bitcoin looks bleak after three signs that indicate bearishness

Bitcoin (BTC) traded nearly $ 9,200 on January 19, but fell to $ 8,200 the rest of the week. However, Sunday handled BTC well and raised it from $ 8,300 to nearly $ 8,600, and it now runs to $ 8,800 – which is the immediate barrier to a $ 9,000 comeback.

Despite the slight increase with a possible shot at higher prices, some analysts believe that the way BTC is acting now indicates an impending crash. According to the analysis of Haejin, a top trade, Bitcoin can crash up to $ 3,300.

Haejin, with 66,000 followers on Twitter, tweeted a graph on Friday with clear indications that the technical picture for the crypto flagship indicates bearishness. One is the fact that Bitcoin could not exceed the 200-day moving average. Another is the rising wedge from which the price has been traded and the failure to come across a critical macro resistance.

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Haejin noted that the scenario is similar to what happened on the bear market in 2018 when prices also fell on a downward price channel, along with declining volume, some signs of capitulation and a similar upward wedge-shaped false breakthrough.

Haejin points out that BTC could trade at $ 3,300 by half if it followed the same trading pattern two years ago.

Yashu Gola, another analyst, is also crying, but he uses the death cross as the basis for his call. The death cross occurs when a short-term moving average crosses below the long-term moving average. Like Haejin, the path is that BTC freewheeling will be the same in 2018, and at that time a cross was spotted, which saved BTC in a one-year bear course.

The most recent death cross happened about three months ago, and although the price is much more shocking than what the previous death cross preceded, Gola still thinks a 83 percent drop is likely. If that happens, BTC will drop to $ 2,300.

The question now is that if these predictions come true at least before halving, the bulls will find the cheaper price an attractive place to buy the crypto?

Bitcoin jumped more than 15 percent to just under $ 10,000 after Xi Jinping’s comments Photo: AFP / KAREN BLEIER

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Bitcoin could crash up to $ 3,300 before the halving

BTC follows the same path as in the bear market of 2018 The technical image of […]

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