{"id":464997,"date":"2021-06-03T15:35:40","date_gmt":"2021-06-03T15:35:40","guid":{"rendered":"https:\/\/wncen.com\/?p=464997"},"modified":"2024-06-11T13:56:09","modified_gmt":"2024-06-11T13:56:09","slug":"bitcoin-yearly-candle-bearish-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-yearly-candle-bearish-market\/","title":{"rendered":"Why Bitcoin Price Could Be Destined To Retrace To $14K"},"content":{"rendered":"

Bitcoin price<\/a> just saw the worst high timeframe correction in years, falling sharping by 50% and instilling fear across the market.<\/p>\n

The turn in sentiment has everyone guessing where the now bearish cryptocurrency could fall to, but according to past cycles, it could get a lot worse before it gets better. Here’s more on why Bitcoin price could fall back toward $14K before the bear phase is over.<\/p>\n

Bitcoin Yearly Candle Turns Bearish, But What About The Bull Market?<\/h2>\n

The arguments are all similar: if that was the top in Bitcoin<\/a> this was the shortest and weakest bull market yet. The cryptocurrency would have fallen short of expectations by hundreds of thousands of dollars.<\/p>\n

That thought alone could result in some extremely bearish sentiment \u2013 even more negative than what’s going on across the market currently<\/a>.<\/p>\n

Related Reading | Bulls Beware: Bears Have Only Now Taken Control Over Bitcoin<\/a><\/strong><\/em><\/p>\n

There are calls for $20K BTC as the bottom, which would be another 50% from here. Another sizable drop seems unlikely given the potential the asset has, but as a “highly speculative<\/a>” asset Bitcoin is extremely volatile.<\/p>\n

That volatility could result in a full retracement back to $14K.<\/p>\n

\"bitcoin<\/p>\n

The yearly candle never touched the previous support level | Source: BLX on TradingView.com<\/a><\/pre>\n
Why BTC Could Be Headed Back To $14K Per Coin This Year<\/h2>\n
In technical analysis<\/a>, the highest timeframes always matter the most. Bitcoin was bullish on the daily, but the weekly MACD turning bearish signaled the top<\/a> before the drop even began.<\/p>\n
Monthly timeframes are even more dominant, and there’s a bearish evening star reversal pattern<\/a> now confirmed on the monthly chart. Getting even more distant, things could be even more bearish.<\/p>\n
The short yearly candle and large wick to only the upside is unlike any other annual Bitcoin price candle before it. The candle is currently bearish, but the yearly chart could say more.<\/p>\n
In the past, the yearly candle to follow a breakout always comes back to nearly retest the previous yearly close that resulted in a bear market<\/a>. It happened in the last two bull markets, but hasn’t during the current bull market. This time is clearly different so far, but will it stay that way?<\/p>\n
\"\"<\/p>\n
The same chart on weekly timeframes makes the picture clear | Source: BLX on TradingView.com<\/a><\/pre>\n
If Bitcoin price were to retrace to the former yearly open before the bear market began<\/a>, it would take the leading cryptocurrency by market cap back to $14K, which would be a roughly 78% retrace.<\/p>\n
78% is significant for a number of reasons. For one, it falls short of the 80%+ parabolic curve retracement requirements, so it isn’t yet quite a bear market by BTC standards.<\/p>\n
Related Reading | Bitcoin Bear Market Comes Down To Pivotal June Close<\/a><\/strong><\/em><\/p>\n
78.6% is a key Fibonacci retracement level<\/a>. Bitcoin price already retraced to the 50% mark, with 61.8% being the middle ground that also could act as a stopping point.<\/p>\n
Finally, 78% would closely match the 2013 retrace<\/a> that crypto investors should be hopeful repeats. If it does, the final leg up of the bull market could be mind-blowing before a more extend bear market takes place.<\/p>\n
Featured image from iStock Photo, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price just saw the worst high timeframe correction in years, falling sharping by 50% and instilling fear across the market. The turn in sentiment has everyone guessing where the now bearish cryptocurrency could fall to, but according to past cycles, it could get a lot worse before it gets better. Here’s more on why Bitcoin price could fall back toward $14K before the bear phase is over. Bitcoin Yearly Candle Turns Bearish, But What About The Bull Market? The arguments are all similar: if that was the top in Bitcoin this was the shortest and weakest bull market yet. The cryptocurrency would have fallen short of expectations by hundreds of thousands of dollars. That thought alone could result in some extremely bearish sentiment \u2013 even more negative than what’s going on across the market currently. Related Reading | Bulls Beware: Bears Have Only Now Taken Control Over Bitcoin There are calls for $20K BTC as the bottom, which would be another 50% from here. Another sizable drop seems unlikely given the potential the asset has, but as a “highly speculative” asset Bitcoin is extremely volatile. That volatility could result in a full retracement back to $14K. The yearly candle never touched the previous support level | Source: BLX on TradingView.com Why BTC Could Be Headed Back To $14K Per Coin This Year In technical analysis, the highest timeframes always matter the most. Bitcoin was bullish on the daily, but the weekly MACD turning bearish signaled the top before the drop even began. Monthly timeframes are even more dominant, and there’s a bearish evening star reversal pattern now confirmed on the monthly chart. Getting even more distant, things could be even more bearish. The short yearly candle and large wick to only the upside is unlike any other annual Bitcoin price candle before it. The candle is currently bearish, but the yearly chart could say more. In the past, the yearly candle to follow a breakout always comes back to nearly retest the previous yearly close that resulted in a bear market. It happened in the last two bull markets, but hasn’t during the current bull market. This time is clearly different so far, but will it stay that way? The same chart on weekly timeframes makes the picture clear | Source: BLX on TradingView.com If Bitcoin price were to retrace to the former yearly open before the bear market began, it would take the leading cryptocurrency by market cap back to $14K, which would be a roughly 78% retrace. 78% is significant for a number of reasons. For one, it falls short of the 80%+ parabolic curve retracement requirements, so it isn’t yet quite a bear market by BTC standards. Related Reading | Bitcoin Bear Market Comes Down To Pivotal June Close 78.6% is a key Fibonacci retracement level. Bitcoin price already retraced to the 50% mark, with 61.8% being the middle ground that also could act as a stopping point. Finally, 78% would closely match the 2013 retrace that crypto investors should be hopeful repeats. If it does, the final leg up of the bull market could be mind-blowing before a more extend bear market takes place. Featured image from iStock Photo, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":465000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-464997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nWhy Bitcoin Price Could Be Destined To Retrace To $14K<\/title>\n<meta name=\"description\" content=\"Bitcoin price just saw the worst high timeframe correction in years, falling sharping by 50% and instilling fear across the market. 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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Price Could Be Destined To Retrace To $14K","url":"http:\/\/wncen.com\/news\/bitcoin-yearly-candle-bearish-market\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-yearly-candle-bearish-market\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/bitcoin-time-hourglass-iStock-1219980064.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/bitcoin-time-hourglass-iStock-1219980064.jpeg?fit=1365%2C768"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2021-06-03T15:35:40Z","datePublished":"2021-06-03T15:35:40Z","dateModified":"2024-06-11T13:56:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Price Could Be Destined To Retrace To $14K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-yearly-candle-bearish-market\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-yearly-candle-bearish-market\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/bitcoin-time-hourglass-iStock-1219980064.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/bitcoin-time-hourglass-iStock-1219980064.jpeg?fit=1365%2C768\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-06-03T15:35:40Z\",\"datePublished\":\"2021-06-03T15:35:40Z\",\"dateModified\":\"2024-06-11T13:56:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/bitcoin-time-hourglass-iStock-1219980064.jpeg?fit=1365%2C768","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/464997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=464997"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/464997\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/465000"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=464997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=464997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=464997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}