{"id":426068,"date":"2020-06-03T17:30:00","date_gmt":"2020-06-03T17:30:00","guid":{"rendered":"https:\/\/wncen.com\/?p=426068"},"modified":"2024-06-11T14:03:34","modified_gmt":"2024-06-11T14:03:34","slug":"analyst-bitcoin-bear-market-2020","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-bitcoin-bear-market-2020\/","title":{"rendered":"Analyst: Bitcoin May See an Extended Bear Market Until September 2020"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/2020\/05\/13\/post-bitcoin-halving-miners-have-dumped-5m-more-btc-than-before\/\">Bitcoin&#8217;s halving came and went<\/a>, but no major uptrend has begun as crypto investors had been hoping. And although the leading crypto asset by market cap has rallied steadily from lows, another three-month-long downtrend and extension of the bear market may be ahead.<\/p>\n<h2>Correction To Last As Long As Uptrend, Bitcoin Price To Bottom Around September 2020<\/h2>\n<p>Bitcoin price is consolidating below critical resistance at $10,000 once again. Thus far, the cryptocurrency has repeatedly failed to hold above this level.<\/p>\n<p>And while sentiment is strong, the asset&#8217;s <a href=\"https:\/\/wncen.com\/2020\/05\/27\/bitcoin-puell-multiple-indicator-btc\/\">underlying fundamentals are screaming buy<\/a>, and the current economic environment is ideal for the asset&#8217;s growth, another correction may be coming, according to a highly accurate crypto analyst.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/06\/02\/bitcoin-crash-altcoin-season-profit\/\">Bitcoin Crash May Be Profit-Taking To Prepare For Incredible Altcoin Season\u00a0<\/a><\/strong><\/em><\/p>\n<p>According to Dave the Wave, who focuses on longer-term investing analysis rather than short term trading, based on past <a href=\"https:\/\/school.stockcharts.com\/doku.php?id=chart_analysis:fibonacci_time_zones#:~:text=Fibonacci%20Time%20Zones%20are%20vertical,chosen%20as%20the%20starting%20point.\" target=\"_blank\" rel=\"noopener nofollow\">Fibonacci based time cycles<\/a>, Bitcoin price will bottom out in September 2020.<\/p>\n<p>The analysis is based on prior uptrends and downtrends matching in the length of time they take.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/ZpNbEGcr7H\" rel=\"nofollow\">pic.twitter.com\/ZpNbEGcr7H<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/47136000?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 3, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A price chart shared by the analyst demonstrates that the length of time it took for Bitcoin to rise from $3,200 to $14,000, was roughly the same amount that it took for the asset to fall to $6,400.<\/p>\n<p>Then, the rise from $6,400 to the February 2020 high of $10,500 took the same duration for Bitcoin to plummet to below $4,000.<\/p>\n<p>If the latest move did indeed call the top, this recurring data would suggest a bottom will be reached in September 2020.<\/p>\n<h2>More Bear Market, Or Just a Post-Halving Crypto Correction?<\/h2>\n<p>Rejection at $10,000 yet again could result in an extension of the already over two-year-long bear market. Extending a breakout above $10,000 towards the end of the year would make for a three-year-long bear market in total.<\/p>\n<p>Many signs are pointing to such a scenario playing out and lines up with expectations from top analysts on what to expect post-halving. Bitcoin experts had warned it <a href=\"https:\/\/wncen.com\/2020\/05\/12\/bitcoin-expert-mentally-prepare-10000-may-take-another-100-days-to-break\/\">could take another 100 days following Bitcoin&#8217;s halving<\/a> to break above $10,000.<\/p>\n<p>A bottom around September 2020 would be just over 100 days since the asset&#8217;s halving.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/06\/02\/crypto-analyst-bitcoin-td-sequential\/\">Crypto Analyst on Bitcoin Collapse: Never Underestimate The Power of TD Sequential\u00a0<\/a><\/strong><\/em><\/p>\n<p>The event has long expected to be bullish and trigger the start of the next bull market, but <a href=\"https:\/\/wncen.com\/2020\/05\/25\/bitcoin-halving-hash-ribbons-miner\/\">miner capitulation<\/a> causing a major crash continues to hang over the heads of crypto investors.<\/p>\n<p>The uncertainty and fear of any possible post-halving correction combined with strong resistance, <a href=\"https:\/\/wncen.com\/2020\/06\/02\/crypto-analyst-bitcoin-td-sequential\/\">and an accurate sell signals on high timeframes<\/a>, all tend to point to a sustained correction and continued downtrend for the next few months.<\/p>\n<p>However, as has also recurred in the past, after the post-halving crash, it has acted as the last ever opportunity to buy Bitcoin at low prices, <a href=\"https:\/\/wncen.com\/2020\/05\/15\/chartered-market-technician-claims-crypto-poised-for-strong-uptrend\/\">before a new uptrend begins<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s halving came and went, but no major uptrend has begun as crypto investors had been hoping. And although the leading crypto asset by market cap has rallied steadily from lows, another three-month-long downtrend and extension of the bear market may be ahead. Correction To Last As Long As Uptrend, Bitcoin Price To Bottom Around September 2020 Bitcoin price is consolidating below critical resistance at $10,000 once again. Thus far, the cryptocurrency has repeatedly failed to hold above this level. And while sentiment is strong, the asset&#8217;s underlying fundamentals are screaming buy, and the current economic environment is ideal for the asset&#8217;s growth, another correction may be coming, according to a highly accurate crypto analyst. Related Reading | Bitcoin Crash May Be Profit-Taking To Prepare For Incredible Altcoin Season\u00a0 According to Dave the Wave, who focuses on longer-term investing analysis rather than short term trading, based on past Fibonacci based time cycles, Bitcoin price will bottom out in September 2020. The analysis is based on prior uptrends and downtrends matching in the length of time they take. pic.twitter.com\/ZpNbEGcr7H &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) June 3, 2020 A price chart shared by the analyst demonstrates that the length of time it took for Bitcoin to rise from $3,200 to $14,000, was roughly the same amount that it took for the asset to fall to $6,400. Then, the rise from $6,400 to the February 2020 high of $10,500 took the same duration for Bitcoin to plummet to below $4,000. If the latest move did indeed call the top, this recurring data would suggest a bottom will be reached in September 2020. More Bear Market, Or Just a Post-Halving Crypto Correction? Rejection at $10,000 yet again could result in an extension of the already over two-year-long bear market. Extending a breakout above $10,000 towards the end of the year would make for a three-year-long bear market in total. Many signs are pointing to such a scenario playing out and lines up with expectations from top analysts on what to expect post-halving. Bitcoin experts had warned it could take another 100 days following Bitcoin&#8217;s halving to break above $10,000. A bottom around September 2020 would be just over 100 days since the asset&#8217;s halving. Related Reading | Crypto Analyst on Bitcoin Collapse: Never Underestimate The Power of TD Sequential\u00a0 The event has long expected to be bullish and trigger the start of the next bull market, but miner capitulation causing a major crash continues to hang over the heads of crypto investors. The uncertainty and fear of any possible post-halving correction combined with strong resistance, and an accurate sell signals on high timeframes, all tend to point to a sustained correction and continued downtrend for the next few months. However, as has also recurred in the past, after the post-halving crash, it has acted as the last ever opportunity to buy Bitcoin at low prices, before a new uptrend begins.<\/p>\n","protected":false},"author":517,"featured_media":426112,"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":[428,1144,78790,6664,24132,76835],"class_list":["post-426068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-crypto","tag-dave-the-wave","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Analyst: Bitcoin May See an Extended Bear Market Until September 2020<\/title>\n<meta name=\"description\" content=\"Bitcoin&#039;s halving came and went, but no major uptrend has begun as crypto investors had been hoping. 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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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