Bitcoin Price Ready to Fall to Low-$7,000s; Here’s Why

Bitcoin bears have continued to flex their muscles into Monday morning. After closing the week at a massive loss, with BTC posting its worst performance since November 2018’s capitulation event, bulls failed to make their presence known.
As of the time of writing this, the Bitcoin price has started to collapse yet again, falling as low as $7,700 after trending above $8,000 for days on end. This latest collapse, analysts say, are putting the cryptocurrency market in a precarious position — a position that perhaps may precede yet another precipitous plunge.
Related Reading: Bitcoin to Bottom at $6,000, Surge to All-Time High by Halving: Analyst
Bitcoin Ready to Move Lower
Ouch. Over the past 24 hours, Bitcoin has shed 4%, with bears taking control once again.
According to analyst Data Dater, this recent downturn has seen Bitcoin’s latest descending triangle chart formation break down on the one-hour chart. The measured move of this triangle is -10%, meaning that Bitcoin could sink as low as $7,000 before establishing yet another range.
Prominent analyst Cantering Clark has echoed this short-term cynicism, calling for a move to the “lows of May-June”, which are in the low-$7,000s.  While he did admit that BitMEX position funding marginally favors bulls, Bitcoin is looking poised to see a further price collapse due to a number of factors.
This, he claimed, includes a lack of extreme negative funding, “increasingly negative delta at range support”, a perceived exhaustion in buying support, and large volume imbalances all implying that Bitcoin has a bearish skew heading into coming daily trading sessions.

Bitcoin Permabull Comes Out Against ETF Hopefuls; Here’s Why
Saturday November 16, 2019

The launch of a U.S.-regulated Bitcoin exchange-traded fund (ETF) has long been the dream of cryptocurrency investors — they believe that such a vehicle would catalyze mass inflows, kicking off BTC’s largest bull run...

The post Bitcoin Permabull Comes Out Against ETF Hopefuls; Here’s Why appeared first on 12bitplay - Bitcoin Play.

BTC
-Funding negative but not extreme yet
-Increasingly negative delta at range support.
-Buyers already look exhausted.
-10x+ volume imbalances between bids hit versus offers lifted while progressing lower.
Bring on the lows of May-June.
(7250-7500)
— Cantering Clark (@CanteringClark) September 30, 2019

Bitcoin Market Cycle: Is This Complacency, Or A New Hope?
Tuesday November 12, 2019

All markets – such as Bitcoin – are cyclical and go through stages of peak euphoria before a correction brings investors back down to reality. Eventually, anger and depression kick in, and investors begin...

The post Bitcoin Market Cycle: Is This Complacency, Or A New Hope? appeared first on 12bitplay - Bitcoin Play.

And, as Don Alt has noted, with Bitcoin’s recent loss of $9,300, the nearest support level on the downside is currently sitting in the  low-$7,000s, a few percentage points lower than the current price of $7,800.
Related Reading: Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average
A Bounce Will Happen… Eventually
While the charts sure seem harrowing at the moment, showing that Bitcoin has further to fall, the cryptocurrency market is seemingly preparing for an eventual bounce.
Crypto Hamster recently laid out a number of reasonings why this may be. These include the fact that the Daily Fisher Transform, which indicates when the price of an asset has moved to an extreme, has hit its lowest value since 2018’s capitulation event; BitMEX funding is heading deeper negative, meaning that a bounce should arrive eventually; and a number of technical oscillators are as oversold as they were during late-2018.

Analyst Wants to Buy Every Ethereum Dip as Istanbul Hard Fork Nears
Friday November 15, 2019

Ethereum’s price action has been closely tracking that of Bitcoin’s in recent times, which has led it to experience some bearishness overnight as the crypto now nears the lower-$180 region – a consistent level...

The post Analyst Wants to Buy Every Ethereum Dip as Istanbul Hard Fork Nears appeared first on 12bitplay - Bitcoin Play.

Daily Fisher transform is at -3.7! The lowest value from the 6k-to-3k drop…IMO, a nice entry for a long-term buy.$BTC $BTCUSD #bitcoin pic.twitter.com/AlEXvg8kik
— CryptoHamster (@CryptoHamsterIO) September 30, 2019

Related Reading: Can Bitcoin Bulls Fend Off a BTC Drop to $6,000? Yes, and Here’s Why
Per an analysis by Josh Rager, the lowest such a bounce may take place is $6,300, recently arguing in a chart that there exists a confluence of buying interest and historical importance.
Featured Image from Shutterstock
The post Bitcoin Price Ready to Fall to Low-$7,000s; Here’s Why appeared first on NewsBTC.

You may also like...