Bitcoin’s Current Price Trend Following The Drop From All Time High


  • Bitcoin trend seeing eerie similarities with the drop from $20,000
  • $7,550 coming soon

Bitcoin has taken a break from the bulls as the leading cryptocurrency trades around $10,500 on a low volume at $879 million.

Though Q2 is not expected to a good one, as previously reported, it can very well turn out to be a bearish session.

Popular cryptocurrency analysts, Murad Mahmudov took to Twitter to share the eerie similarities between the relative tops and bottoms of the current Bitcoin price cycle and that from the end of 2017 and the beginning of 2018.

According to both the charts shared by him, the June month saw an uptrend just as we did in late November and early December. In mid-December we topped at $20,000, marking the all-time high while in June, we made the 2019 high in late June at around $13,900.

BTC price may drop to $7,550 in early August, Source: MustStopMurad/status

As can be seen in the graph shared by Mahmudov, Bitcoin price has been following the ups and downs through late January, till now.

If we keep on following, per his analysis we would tumble down to the green line at $7,550. The ‘rhythm’ of the relative tops and bottoms he says is “particularly insane” as he wonders:

“Is this the work of an amalgamation of algorithms, or is the collective unconscious of a large number of people following repeating patterns?”

Get ready for a ‘buy the dip’ opportunity

However, he cautions that this “may not play out,” illustrating sarcastically how the last time he dabbled in fractals it didn’t turn out so well.

Fractal is a never-ending pattern. The patterns of a fractal are self-similar across different scales that are created by repeating a process over and over again in an ongoing feedback loop.

Per the chart shared by him, the fractal has played out so far and is expected to take a drop real soon to $7,550. Mahmudov isn’t the only analyst of the first one to call for a drop to about $7,500.

A number of analysts have called out Bitcoin’s drop to $8,000 while a few see BTC going as low as $7,000 and to further $6,000.

If BTC price goes this low, it is expected it would be the last time we drop below $10,000, in this bull cycle. So, it would be a great opportunity to stack the sats before we retake bulls to make another high.

Currently, we are trading at $10,515 with 24 hours loss of 0.16 percent, down 48 percent from the all-time high.

Bitcoin (BTC) Live Price

1 BTC/USD =$49,362.7892 change ~ 1.59%

Coin Market Cap

$920.29 Billion

24 Hour Volume

$14.96 Billion

24 Hour VWAP

$48.56 K

24 Hour Change

$785.08

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide