{"id":402148,"date":"2019-10-23T19:00:57","date_gmt":"2019-10-23T19:00:57","guid":{"rendered":"https:\/\/wncen.com\/?p=402148"},"modified":"2024-06-11T13:31:25","modified_gmt":"2024-06-11T13:31:25","slug":"bitcoin-price-en-route-to-descending-triangle-target-of-5000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-en-route-to-descending-triangle-target-of-5000\/","title":{"rendered":"Bitcoin Price En Route to Descending Triangle Target of $5,000"},"content":{"rendered":"

This morning, Bitcoin price<\/a> began to fall from a high timeframe bear flag that was formed following a breakdown of a multi-month triangle chart pattern \u2013 a pattern that signaled the end of the 2019 bull rally and possibly a major market trend reversal.<\/p>\n

With the rally now over, and given that the chart patterns are now confirmed, according to a prominent crypto analyst, the measured target of the massive structure would put Bitcoin price at around $5,000 before a reversal back into a bull market is possible.<\/p>\n

After a 45% Drop, Bitcoin Price Has a Lot More Room to Fall<\/h2>\n

Bitcoin price<\/a> is currently trading below $7,500, an over 45% drop from the high of the 2019 parabolic rally, that took the price of the leading crypto asset to $14,000 before being rejected.<\/p>\n

Related Reading | Bitcoin Price Breaks Below $8,000, Is $7,000 or $9,000 Next?<\/a>\u00a0<\/strong><\/em><\/p>\n

After that rejection, Bitcoin began to consolidate in what eventually formed into a descending triangle – a predominantly bearish structure, that sometimes breaks to the upside. The uncertainty of the formation kept traders buying at each low, and selling each decreasingly lower top until it broke down last month and the crypto asset almost instantly fell $2,000.<\/p>\n

The powerful drop confirmed the chart pattern as valid and took the price of the first-ever cryptocurrency to $7,700 where it bounced and consolidated for a few weeks in what appeared to be a textbook bear flag<\/a>. But the bear flag was formed along the way to what a prominent crypto analyst says is the eventual target of $5,000, according to a measurement taken from the height of the triangle to its base.<\/p>\n

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BTC Daily:<\/p>\n

Target for descending triangle's measured move is about $5K.<\/p>\n

This aligns perfectly with prior support.<\/p>\n

No way Jose? pic.twitter.com\/30tng1o3ez<\/a><\/p>\n

— Nunya Bizniz (@Pladizow) October 23, 2019<\/a><\/p><\/blockquote>\n