{"id":396653,"date":"2019-09-20T12:00:13","date_gmt":"2019-09-20T12:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=396653"},"modified":"2024-06-11T13:25:37","modified_gmt":"2024-06-11T13:25:37","slug":"bitcoin-price-unlikely-to-fall-under-9200-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-unlikely-to-fall-under-9200-heres-why\/","title":{"rendered":"Bitcoin Price Unlikely to Fall Under $9,200; Here’s Why"},"content":{"rendered":"

Bitcoin has, to put it lightly, seen a helluva past 48 hours. On Wednesday night\/Thursday morning, the BTC price plunged<\/a> by nearly $600 out of nowhere, dropping the cryptocurrency to $9,600 from $10,150.<\/p>\n

Related Reaidng: Prominent Bitcoin Analyst Says Altcoin Carnage May Soon End: Here\u2019s Why<\/a><\/h6>\n

Many traders immediately saw this as a sign that BTC was going to collapse lower, as it would have then resolved to the downside of a long-term descending triangle that has haunted bulls for months.<\/p>\n

But, just as fast as Bitcoin plummeted, it rocketed back up. On Thursday, the cryptocurrency surged back through the key $10,000 support all the way to $10,300,<\/a> managing to regain all the losses that it incurred just hours prior.<\/p>\n

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This confusing price action has left many traders stumped, wondering exactly what this odd bout of volatility implies for Bitcoin holders. According to a popular analyst, Bitcoin is decidedly in a bull trend, and shouldn’t fall much further should bears manage to take over.<\/p>\n

Bitcoin Price Still in Strong Spot<\/strong><\/h2>\n

According to CryptoKea<\/a>, the worst-case scenario per his analysis of the Mayer Multiple (MM)<\/a> \u2014 defined by putting BTC’s current price over its 200-day moving average \u2014 the “worst-case scenario” would see Bitcoin fall to a maximum of $9,200 over the next few days, no lower.<\/p>\n

In an extensive Twitter thread that weighed on historical price action and trends, the analyst noted that he came to this conclusion by overlaying Bitcoin’s price action prior to the 2016 halving on the current chart, using MM readings to determine price ranges.<\/p>\n

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53\/ UPDATE: Based on https:\/\/t.co\/GMqRvPBltr<\/a>, we have 226 days to go until the next halving (error in prior version: 144 days). So, how is BTC price in terms of Mayer Multiple (MM) doing compared to this time before halving 1 & 2? <\/p>\n

Let\u00b4s have a closer look \ud83d\udc47@TraceMayer<\/a> pic.twitter.com\/VxrMIO00fk<\/a><\/p>\n

— CryptoKea (@CryptoKea) September 19, 2019<\/a><\/p><\/blockquote>\n