Bitcoin Price Pattern Predictor Calls for Sub $1,000 USD BTC Value IF Current Trading Range Persists
There are different analysts trying to understand what will be happening with Bitcoin (BTC) in the near future. The main questions are related to when will Bitcoin start growing once again or how far it can drop. There is a cryptoanalyst that believes that Bitcoin could keep falling under $1,000.
According to the Twitter users and analyst Financial Survivalism, the longer Bitcoin fails to cross $4,600, the higher the possibilities that the cryptocurrency could mirror the price action from September to November 2018.
At that time, Bitcoin was traded between $6,200 and $6,800 until November, when it dropped under $6,000 and reached $3,200 in December. The lowest point in more than a year.
The longer we stay stuck in this range the more I feel like we will mirror the price action from September 20, 2018 – November 25, 2018. This is what that would look like. $BTC #Bitcoin pic.twitter.com/oaR7VTA4dk
— Financial Survivalism (@Sawcruhteez) March 2, 2019
In the graphic uploaded by the analyst, it is possible to see that Bitcoin would drop down to $800. The last time that Bitcoin was traded under $900 was back in January 2017. Bitcoin is not traded under $1,000 since March 2017.
There have been several comments that agree with the analyst and are expecting Bitcoin to drop under $1,000. Nevertheless, there were several other users that were joking about the graphic uploaded by Financial Survivalism. Another possibility is for Bitcoin to drop under $2,000 and trade between $1,200 and $1,800.
The analyst suggests that Bitcoin could be traded flat for around two or three months before falling under $1,000. Nevertheless, this is the worst-case scenario and something that could not happen. Survivalism has previously mentioned that Bitcoin could reach $1,200 once again, which is the point Bitcoin peaked in 2014 and 2015.
Although he has shared bearish comments about Bitcoin in the short and medium-term, he remains bullish about the future of the space. He mentioned on TradingView that there are some technical indicators that make him believe that the market could start growing in the future once again.
At the time of writing this article, Bitcoin is being traded around $3,770 and it has a market capitalization of $66.25 billion. In the last 24 hours, Bitcoin lost 2.38% of its value.