{"id":408200,"date":"2019-12-20T23:06:49","date_gmt":"2019-12-20T23:06:49","guid":{"rendered":"https:\/\/wncen.com\/?p=408200"},"modified":"2024-06-11T13:35:35","modified_gmt":"2024-06-11T13:35:35","slug":"history-repeat-bitcoin-price-drop-40-percent-bottom-4300","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/history-repeat-bitcoin-price-drop-40-percent-bottom-4300\/","title":{"rendered":"Should History Repeat, Bitcoin Price Will Drop 40% to Bottom at $4,300"},"content":{"rendered":"<p>You&#8217;ve likely heard the term &#8220;echo bubble&#8221; tossed about in relation to <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> over the past couple of months. For instance, hedge fund manager <a href=\"https:\/\/twitter.com\/mark_dow?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\" rel=\"nofollow\">Mark Dow<\/a>, an investor that shorted BTC when it traded at $20,000 in December 2017, <a href=\"https:\/\/wncen.com\/2019\/12\/17\/former-imf-economist-current-bitcoin-trend-is-textbook-echo-bubble\/\">recently quipped<\/a> that the leading crypto is in a &#8220;textbook echo bubble.&#8221; This came shortly after he quipped in an earlier tweet that Bitcoin will die a &#8220;grinding death, punctuated by spoofs and FOMO spasms of decreasing frequency and intensity.\u201d<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/12\/20\/bitcoin-at-250k-analysts-weigh-in-on-drapers-bizarro-call\/\">Bitcoin at $250k? Analysts Weigh in on Draper\u2019s \u201cBizarro\u201d Call<\/a><\/h6>\n<p>If the echo bubble narrative \u2014 which states that<a href=\"https:\/\/wncen.com\/2019\/12\/19\/why-bitcoin-outperformed-gold-by-a-staggering-50-in-2019\/\"> BTC&#8217;s price performance this year<\/a> was just an echo of, a throwback to the 2016-2018 bubble \u2014 is accurate, the cryptocurrency still has the potential to fall much further from current prices.<\/p>\n<h2>Bitcoin Could Fall 40%, Analyst Warns<\/h2>\n<p>There&#8217;s no doubt that Bitcoin&#8217;s price performance in 2019 is reminiscent of 2017 and 2018: the price of the leading cryptocurrency went parabolic from low levels to form a peak above $10,000, then formed a massive descending triangle pattern that bottomed in the $6,000 range.<\/p>\n<p>Analyst <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/99397120\" rel=\"nofollow\">CryptoHamster recently touched<\/a> on these similarities, remarking that if BTC follows the path of the previous cycle, and breaks down from the low-$6,000s, it will bottom at $4,320 \u2014 just over 40% lower than current prices. (The $4,320 target was determined by scaling the previous cycle to the current, using the $6,000 level as the base for the calculation.)<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Equilibration around 6000$. <br \/>The bottom will be at ~4300$ according to this ratio. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTCUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTCUSD<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/fnyOi81SG4\" rel=\"nofollow\">pic.twitter.com\/fnyOi81SG4<\/a><\/p>\n<p>&mdash; CryptoHamster (@CryptoHamsterIO) <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/99397120?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 20, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The call for a strong retracement to $4,300 corroborates bearish analyses by a number of traders.<\/p>\n<p>Per <a href=\"https:\/\/wncen.com\/2019\/12\/18\/bitcoin-indicator-screams-price-capitulation-horizon-heres-why\/\">previous reports from NewsBTC<\/a>, Trader \u201cFizeekMoney\u201d\u00a0<a href=\"https:\/\/twitter.com\/FizeekMoney\/status\/49206784\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">recently noted<\/a>\u00a0that the daily on-balance volume chart for the BTC-to-USDT chart on Binance is \u201cscreaming [that] capitulation is on the horizon\u201d for Bitcoin.<\/p>\n<p>There&#8217;s also <a href=\"https:\/\/twitter.com\/JacobCanfield\/status\/44616449\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">Jacob Canfield,<\/a> a professional cryptocurrency trader who said that Bitcoin is not yet near a macro bottom in his eyes. He remarked that the cryptocurrency is likely to see a 20% drawdown from the current level of $6,900 to $5,500, for there is where the 0.786 Fibonacci Retracement of the rally from $3,100 to $14,000 lies.<\/p>\n<p>https:\/\/twitter.com\/JacobCanfield\/status\/44616449<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/12\/20\/bitfinex-longs-dominate-shorts-but-is-this-bullish-or-bearish-for-bitcoin\/\">Bitfinex Longs Dominate Shorts, But Is This Bullish or Bearish For Bitcoin?<\/a><\/h6>\n<h2><strong>Bullish Reversal from Here?<\/strong><\/h2>\n<p>Although the aforementioned analyst&#8217;s observation implies BTC has further to drop before it finds an ultimate bottom, there are signs that a bullish reversal is forming right now.<\/p>\n<p>Thomas Thornton, a hedge fund services specialist and market analyst, recently made the observation that Bitcoin\u2019s chart on Bloomberg<a href=\"https:\/\/wncen.com\/2019\/12\/18\/bitcoin-shows-same-buy-signal-seen-2018-bottom\/\" data-wpel-link=\"internal\">\u00a0recently printed a \u201cbuy 13\u201d candle<\/a>, according to the TD Sequential Combo indicator.<\/p>\n<p>These candles, the TD Sequential suggests, are indicative of impending price reversals. That\u2019s not to mention that such candle formations were seen when Bitcoin hit $20,000 in December 2017 and when \u00a0BTC cratered to $3,150 on December 14th last year.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2019\/12\/20\/three-main-reasons-why-bitcoin-is-setting-up-for-a-new-bull-rally\/\"> Three Main Reasons Why Bitcoin is Setting Up For a New Bull Rally<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>You&#8217;ve likely heard the term &#8220;echo bubble&#8221; tossed about in relation to Bitcoin over the past couple of months. For instance, hedge fund manager Mark Dow, an investor that shorted BTC when it traded at $20,000 in December 2017, recently quipped that the leading crypto is in a &#8220;textbook echo bubble.&#8221; This came shortly after he quipped in an earlier tweet that Bitcoin will die a &#8220;grinding death, punctuated by spoofs and FOMO spasms of decreasing frequency and intensity.\u201d Related Reading: Bitcoin at $250k? Analysts Weigh in on Draper\u2019s \u201cBizarro\u201d Call If the echo bubble narrative \u2014 which states that BTC&#8217;s price performance this year was just an echo of, a throwback to the 2016-2018 bubble \u2014 is accurate, the cryptocurrency still has the potential to fall much further from current prices. Bitcoin Could Fall 40%, Analyst Warns There&#8217;s no doubt that Bitcoin&#8217;s price performance in 2019 is reminiscent of 2017 and 2018: the price of the leading cryptocurrency went parabolic from low levels to form a peak above $10,000, then formed a massive descending triangle pattern that bottomed in the $6,000 range. Analyst CryptoHamster recently touched on these similarities, remarking that if BTC follows the path of the previous cycle, and breaks down from the low-$6,000s, it will bottom at $4,320 \u2014 just over 40% lower than current prices. (The $4,320 target was determined by scaling the previous cycle to the current, using the $6,000 level as the base for the calculation.) Equilibration around 6000$. The bottom will be at ~4300$ according to this ratio. $BTC $BTCUSD #bitcoin pic.twitter.com\/fnyOi81SG4 &mdash; CryptoHamster (@CryptoHamsterIO) December 20, 2019 The call for a strong retracement to $4,300 corroborates bearish analyses by a number of traders. Per previous reports from NewsBTC, Trader \u201cFizeekMoney\u201d\u00a0recently noted\u00a0that the daily on-balance volume chart for the BTC-to-USDT chart on Binance is \u201cscreaming [that] capitulation is on the horizon\u201d for Bitcoin. There&#8217;s also Jacob Canfield, a professional cryptocurrency trader who said that Bitcoin is not yet near a macro bottom in his eyes. He remarked that the cryptocurrency is likely to see a 20% drawdown from the current level of $6,900 to $5,500, for there is where the 0.786 Fibonacci Retracement of the rally from $3,100 to $14,000 lies. https:\/\/twitter.com\/JacobCanfield\/status\/44616449 Related Reading: Bitfinex Longs Dominate Shorts, But Is This Bullish or Bearish For Bitcoin? Bullish Reversal from Here? Although the aforementioned analyst&#8217;s observation implies BTC has further to drop before it finds an ultimate bottom, there are signs that a bullish reversal is forming right now. Thomas Thornton, a hedge fund services specialist and market analyst, recently made the observation that Bitcoin\u2019s chart on Bloomberg\u00a0recently printed a \u201cbuy 13\u201d candle, according to the TD Sequential Combo indicator. These candles, the TD Sequential suggests, are indicative of impending price reversals. That\u2019s not to mention that such candle formations were seen when Bitcoin hit $20,000 in December 2017 and when \u00a0BTC cratered to $3,150 on December 14th last year. Related Reading: Three Main Reasons Why Bitcoin is Setting Up For a New Bull Rally Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":395380,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[166,428,1079,1558,3504],"class_list":["post-408200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin","tag-bottom","tag-cryptocurrency","tag-price"],"acf":[],"yoast_head":"\n<title>Should History Repeat, Bitcoin Price Will Drop 40% to Bottom at $4,300<\/title>\n<meta name=\"description\" content=\"You&#039;ve likely heard the term &quot;echo bubble&quot; tossed about in relation to Bitcoin over the past couple of months. 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