{"id":393856,"date":"2019-08-21T18:00:30","date_gmt":"2019-08-21T18:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=393856"},"modified":"2019-08-21T16:43:40","modified_gmt":"2019-08-21T16:43:40","slug":"bitcoin-could-follow-gold-fractal-with-44-drop-to-under-7000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-could-follow-gold-fractal-with-44-drop-to-under-7000\/","title":{"rendered":"Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> has long been pitched as the digital version of <a href=\"\/tag\/gold\" rel=\"nofollow\">gold<\/a> \u2013 a precious metal that\u2019s long been used as a store of wealth, transfer of value, and features many of the attributes that Bitcoin is lauded for, such as scarcity. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Bitcoin price has also been following a fractal found on gold price charts almost perfectly. If Bitcoin price action continues to follow the fractal, a dangerous drop could be ahead for the leading crypto asset by market cap and the digital counterpart to gold.<\/span><\/p>\n<h2>Bitcoin Following Gold Fractal Suggests Dangerous Drop Ahead<\/h2>\n<p class=\"p1\"><span class=\"s1\">Digital gold. It\u2019s one of the many narratives given to Bitcoin, due to the crypto asset sharing many attributes with the precious metal. Both can be used to store value, have been used as a transactional currency, and recently, Bitcoin has been pitched as a safe haven asset much like gold due to hard-coded digital scarcity and a supply cap of only 21 million BTC to ever exist.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/06\/21\/crypto-peter-schiff-gold-bitcoin\/\">Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker\u2019s Rally<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">In recent weeks, the first-ever crypto asset has been the talk of the investment world, bringing investors as much as 300% gains from bottom to recent top, and cementing itself as part of the <a href=\"https:\/\/wncen.com\/2019\/07\/04\/bitcoin-gold-safe-haven-asset\/\">safe-haven discussion<\/a> in the face of growing global economic turmoil. Bitcoin\u2019s even been said to be the single best hedge against governments and traditional finance, even beating out <a href=\"\/tag\/gold\" rel=\"nofollow\">gold<\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">And as fears continue to mount that a global recession is around the corner \u2013 the greatest the modern world has ever known \u2013 both Bitcoin and gold have started to rise in a correlated manner, giving the &#8216;Bitcoin as a safe haven asset narrative&#8217; additional credence.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Investors looking more closely at Bitcoin and gold has resulted in a fractal being discovered that\u2019s playing out on Bitcoin price charts. Following a peak in gold prices in mid-2011, just as the great recession of 2008 began to turn around, continued bullish interest in gold resulted in three additional peaks, all around the same price, slightly lower than the highest peak or top.<\/span><\/p>\n<p>https:\/\/twitter.com\/traderx0x0\/status\/90245377?s=21<\/p>\n<p class=\"p1\"><span class=\"s1\">Bitcoin price was rejected at $13,800 as the local top and has resulted in additional peaks each topping out around $12,000 &#8211; much like the gold fractal. But it\u2019s what\u2019s next that should send chills down the spines of crypto investors everywhere.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Following gold\u2019s last peak before a big drop, the price was at roughly $1,800 per ounce. The fall after that peak took the price of the precious metal down to low of just over $1,000 \u2013 a 44% decrease.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/14\/safe-haven-bitcoin-price-gold\/\">Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">If <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> were to continue to follow the same gold fractal it has been, a 44% decrease from the most recent peak at $12,250 would take the price per BTC below $7,000 to roughly $6,800 \u2013 a dangerous drop that is sure to create widespread fear and panic across the already battered crypto market.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has long been pitched as the digital version of gold \u2013 a precious metal that\u2019s long been used as a store of wealth, transfer of value, and features many of the attributes that Bitcoin is lauded for, such as scarcity. Bitcoin price has also been following a fractal found on gold price charts almost perfectly. If Bitcoin price action continues to follow the fractal, a dangerous drop could be ahead for the leading crypto asset by market cap and the digital counterpart to gold. Bitcoin Following Gold Fractal Suggests Dangerous Drop Ahead Digital gold. It\u2019s one of the many narratives given to Bitcoin, due to the crypto asset sharing many attributes with the precious metal. Both can be used to store value, have been used as a transactional currency, and recently, Bitcoin has been pitched as a safe haven asset much like gold due to hard-coded digital scarcity and a supply cap of only 21 million BTC to ever exist. Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker\u2019s Rally In recent weeks, the first-ever crypto asset has been the talk of the investment world, bringing investors as much as 300% gains from bottom to recent top, and cementing itself as part of the safe-haven discussion in the face of growing global economic turmoil. Bitcoin\u2019s even been said to be the single best hedge against governments and traditional finance, even beating out gold. And as fears continue to mount that a global recession is around the corner \u2013 the greatest the modern world has ever known \u2013 both Bitcoin and gold have started to rise in a correlated manner, giving the &#8216;Bitcoin as a safe haven asset narrative&#8217; additional credence. Investors looking more closely at Bitcoin and gold has resulted in a fractal being discovered that\u2019s playing out on Bitcoin price charts. Following a peak in gold prices in mid-2011, just as the great recession of 2008 began to turn around, continued bullish interest in gold resulted in three additional peaks, all around the same price, slightly lower than the highest peak or top. https:\/\/twitter.com\/traderx0x0\/status\/90245377?s=21 Bitcoin price was rejected at $13,800 as the local top and has resulted in additional peaks each topping out around $12,000 &#8211; much like the gold fractal. But it\u2019s what\u2019s next that should send chills down the spines of crypto investors everywhere. Following gold\u2019s last peak before a big drop, the price was at roughly $1,800 per ounce. The fall after that peak took the price of the precious metal down to low of just over $1,000 \u2013 a 44% decrease. Related Reading | Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection\u00a0 If Bitcoin were to continue to follow the same gold fractal it has been, a 44% decrease from the most recent peak at $12,250 would take the price per BTC below $7,000 to roughly $6,800 \u2013 a dangerous drop that is sure to create widespread fear and panic across the already battered crypto market.<\/p>\n","protected":false},"author":517,"featured_media":393858,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,21578,2209,4078],"class_list":["post-393856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-fractal","tag-gold","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000<\/title>\n<meta name=\"description\" content=\"Bitcoin has long been pitched as the digital version of gold \u2013 a precious metal that\u2019s long been used as a store of wealth, transfer of value, and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-could-follow-gold-fractal-with-44-drop-to-under-7000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000\" \/>\n<meta property=\"og:description\" content=\"Bitcoin has long been pitched as the digital version of gold \u2013 a precious metal that\u2019s long been used as a store of wealth, transfer of value, and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-could-follow-gold-fractal-with-44-drop-to-under-7000\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-21T18:00:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-21T16:43:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-gold-fractal-drop-shutterstock_1250809204.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"6000\" \/>\n\t<meta property=\"og:image:height\" content=\"4000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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