{"id":411516,"date":"2020-01-19T00:00:09","date_gmt":"2020-01-19T00:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=411516"},"modified":"2024-06-11T12:23:40","modified_gmt":"2024-06-11T12:23:40","slug":"analysts-lays-case-3500-bitcoin-price-by-halving","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analysts-lays-case-3500-bitcoin-price-by-halving\/","title":{"rendered":"Analysts Lays This Case for 60% Drop In Bitcoin Price By 2020’s Halving"},"content":{"rendered":"

After Bitcoin<\/a> (BTC) rocketed from $3,000 to $14,000 in the span of six months, analysts have been sure that the cryptocurrency would never revisit the $3,000s again. Indeed, the logarithmic price curve that has contained the asset’s price action for the past decade predicts BTC will never again hit $3,000.<\/p>\n

But, there have been a few analyses projecting that it may only be a matter of time before such low levels are visited once again. And one of these recently gained some steam on Crypto Twitter.<\/p>\n

Could Bitcoin Revisit $3,000s By Halving? Analyst Fears So<\/strong><\/h2>\n
For some reason or another, so-called fractal analysis has gained much traction in the cryptocurrency space. This sees analysts overlay historical price action over current charts to try and predict what’s next.<\/p>\n
These analyses have worked well on multiple occasions. For instance, a fractal analyst from trader NebraskanGooner predicted Bitcoin’s decline from the $9,000s late last year to the $6,000s, then the latest recovery back to the $8,000s. This same fractal suggests a price drop will soon occur.<\/p>\n
Another fractal suggests the same.<\/p>\n
This fractal is one from cryptocurrency trader Haejin. They noted that Bitcoin’s price action since the $14,000 top in June is eerily reminiscent of that seen in the 2018 bear market, with both cycles seeing a downward price channel, an upward wedge-formed false breakout, declining volume, and signs of capitulation.<\/p>\n
Haejin then noted<\/a> that if BTC follows the exact path it did in 2018, the price will soon collapse back to the $6,000s, then Bitcoin will capitulate in March or April to fall as low as $3,300 by the time of the halving.<\/p>\n
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https:\/\/t.co\/JhMTlE2zA1<\/a>: Bitcoin Deja vu?<\/p>\n
Here is a Members only chart: Note the Inverse H&S on both fractals. <\/p>\n
Also the three wave ABC price constructs
The downward price channel
The upward wedge
Declining volumes
Potential Capitulation Volume<\/p>\n
All within 4 months? Hmmm. pic.twitter.com\/hXNN53PI7B<\/a><\/p>\n
— Haejin (@Haejin_Crypto) January 17, 2020<\/a><\/p><\/blockquote>\n