{"id":393953,"date":"2019-08-22T12:02:47","date_gmt":"2019-08-22T12:02:47","guid":{"rendered":"https:\/\/wncen.com\/?p=393953"},"modified":"2019-08-22T12:42:53","modified_gmt":"2019-08-22T12:42:53","slug":"bitcoin-price-rejected-at-10000-whats-next-crypto-markets","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-rejected-at-10000-whats-next-crypto-markets\/","title":{"rendered":"Bitcoin Price Struggles With Support at $10,000, What\u2019s Next for Crypto Markets?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> is struggling to get back above $10,000 following recent bearish price action. Last week, Bitcoin dropped nearly $2,000 within 48 hours, and while there was a week of relief in between, the bearish sell pressure appears to have picked up steam once again.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The latest price action saw Bitcoin price rejected at $10,000 \u2013 an extremely important psychological level for the first-ever cryptocurrency. With this latest rejection following extreme bear pressure and the fear and greed index at the lowest number it&#8217;s ever been, what\u2019s next for Bitcoin in the days ahead? <\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Five-Digit Bitcoin Price Taking a Short Vacation<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">We\u2019ve all seen the comments on Twitter, Reddit, or elsewhere. \u201cBitcoin will never again drop under five digits.\u201d The overly cocky comments appear in bulk whenever <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> bounces strongly from below $10,000 to back above it \u2013 something that Bitcoin has done repeatedly over the past few months.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/20\/crypto-analyst-expects-20-ethereum-drop-altcoin-capitulation-in-2-weeks\/\">Crypto Analyst Expects 20% Ethereum Drop, Altcoin Capitulation in 2 Weeks\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">But the same comments were made in February and March 2018 as well, and Bitcoin not only feel below $10,000 and stayed there for the rest of the year, but it took until June 2019 to ever break back above $10,000.<\/span><\/p>\n<p>Now, the leading crypto asset by market cap has fallen back below $10,000 after the latest rejection and the price per BTC drops deep below the level, it could be the last time Bitcoin trades above $10,000 for the remainder of the year.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-393958\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-chart-1.png?resize=860%2C551\" alt=\"bitcoin price crypto 10000\" width=\"860\" height=\"551\"><\/p>\n<h2>Why Is $10,000 Important and What&#8217;s Next for the Leading Crypto Asset?<\/h2>\n<p class=\"p1\"><span class=\"s1\">There\u2019s no denying that $10,000 is an important number for the first-ever crypto asset. During the last bull run, it acted as a FOMO trigger that took <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> to its all-time high of $20,000. It\u2019s also exactly 50% the last highest peak, which according to <a href=\"http:\/\/cyclesresearchinstitute.org\/cycles-research\/markets\/w-d-gann\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">legendary trader W. D. Gann<\/a> always acts as extremely strong support.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But like the last extremely strong support, it can break, and when it does a dangerous drop occurs, much like what did in November 2018. Some analysts are expecting the same thing to happen, once Bitcoin breaks below the current support and symmetrical triangle formation Bitcoin price is trading within.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/06\/25\/cme-bitcoin-futures-gaps-give-likely-correction-targets-next-bear-market-bottom\/\">CME Futures Gaps Give Likely Correction Targets, Next Bear Market Bottom\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">There\u2019s little doubt that Bitcoin\u2019s bear market bottom has been set, so even a breakdown from here is likely to be nothing more than a correction before the true bull run begins. Downside targets for where a reversal may occur, exist around $8,500 where an <a href=\"https:\/\/wncen.com\/2019\/06\/25\/cme-bitcoin-futures-gaps-give-likely-correction-targets-next-bear-market-bottom\/\">oft-cited CME Futures gap resides<\/a>, as well as the symmetrical triangle target at around $7,500, and finally, $6,000 \u2013 the support that acted as such throughout most of the 2018 bear market, before finally broke down and another 44% drop occurred.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Given that analysts are expecting a similar breakdown in Bitcoin once $10,000 fully gives away to bearish sell pressure, a 44% decline from here would bring Bitcoin to under $6,000. However, the market is much different now from November 2018; the bear market is over, sell pressure has turned into buy pressure, and Bitcoin has gained a new narrative around being a safe haven asset during times of economic downturn \u2013 a downturn that is expected within the next 12 to 18 months.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is struggling to get back above $10,000 following recent bearish price action. Last week, Bitcoin dropped nearly $2,000 within 48 hours, and while there was a week of relief in between, the bearish sell pressure appears to have picked up steam once again. The latest price action saw Bitcoin price rejected at $10,000 \u2013 an extremely important psychological level for the first-ever cryptocurrency. With this latest rejection following extreme bear pressure and the fear and greed index at the lowest number it&#8217;s ever been, what\u2019s next for Bitcoin in the days ahead? Five-Digit Bitcoin Price Taking a Short Vacation We\u2019ve all seen the comments on Twitter, Reddit, or elsewhere. \u201cBitcoin will never again drop under five digits.\u201d The overly cocky comments appear in bulk whenever Bitcoin price bounces strongly from below $10,000 to back above it \u2013 something that Bitcoin has done repeatedly over the past few months. Related Reading | Crypto Analyst Expects 20% Ethereum Drop, Altcoin Capitulation in 2 Weeks\u00a0 But the same comments were made in February and March 2018 as well, and Bitcoin not only feel below $10,000 and stayed there for the rest of the year, but it took until June 2019 to ever break back above $10,000. Now, the leading crypto asset by market cap has fallen back below $10,000 after the latest rejection and the price per BTC drops deep below the level, it could be the last time Bitcoin trades above $10,000 for the remainder of the year. Why Is $10,000 Important and What&#8217;s Next for the Leading Crypto Asset? There\u2019s no denying that $10,000 is an important number for the first-ever crypto asset. During the last bull run, it acted as a FOMO trigger that took Bitcoin price to its all-time high of $20,000. It\u2019s also exactly 50% the last highest peak, which according to legendary trader W. D. Gann always acts as extremely strong support. But like the last extremely strong support, it can break, and when it does a dangerous drop occurs, much like what did in November 2018. Some analysts are expecting the same thing to happen, once Bitcoin breaks below the current support and symmetrical triangle formation Bitcoin price is trading within. Related Reading | CME Futures Gaps Give Likely Correction Targets, Next Bear Market Bottom\u00a0 There\u2019s little doubt that Bitcoin\u2019s bear market bottom has been set, so even a breakdown from here is likely to be nothing more than a correction before the true bull run begins. Downside targets for where a reversal may occur, exist around $8,500 where an oft-cited CME Futures gap resides, as well as the symmetrical triangle target at around $7,500, and finally, $6,000 \u2013 the support that acted as such throughout most of the 2018 bear market, before finally broke down and another 44% drop occurred. Given that analysts are expecting a similar breakdown in Bitcoin once $10,000 fully gives away to bearish sell pressure, a 44% decline from here would bring Bitcoin to under $6,000. However, the market is much different now from November 2018; the bear market is over, sell pressure has turned into buy pressure, and Bitcoin has gained a new narrative around being a safe haven asset during times of economic downturn \u2013 a downturn that is expected within the next 12 to 18 months.<\/p>\n","protected":false},"author":517,"featured_media":393954,"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":[428,679,11641,6664,45189],"class_list":["post-393953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-cme-futures","tag-crypto","tag-gaps"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Struggles With Support at $10,000, What\u2019s Next for Crypto Markets?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to get back above $10,000 following recent bearish price action. 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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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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. 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