Bitcoin Price Is to Drop 65%! Is There Any Chance for the Next Bull Run?


Bitcoin Price Is to Drop 65%! Is There Any Chance for the Next Bull Run?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Now that Bitcoin has stopped its rapid growth and is staying around the $5,200 level, traders are all eyes on the charts, playing guessing games. YouTube blogger and amateur crypto trader OPTICALARTdotCOM decided to take a look at Bitcoin 2019 price projections and came up with a number of interesting suggestions.

Watch the video and read the summary below.

2014 vs 2018-2019 – History repeats itself

After analyzing long-term BTC price history charts, OPTICALARTdotCOM has found out that there’s a lot of correspondence between the 2014 bear market and the recent 2018-2019 bear market. He depicted the shift pitchfork to show that in 2014, BTC reached the peak, and then went down.

As a result, BTC ended up being near the support zone – two rallies finished, and BTC stabilized. In the 2018-2019 bear market, this movement looked exactly the same. Now, it also follows pretty much the same trajectory: there are two rallies following two different paths

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However, back then, there was no structure and order like now – in the last bear market, the pattern was more structured, and more people participated in price manipulations. We can draw a shift pitchfork again and see that even though the structure is different, the path is pretty much the same thing

But what’s the difference?

Let’s compare 2014 and 2018-2019 in numbers. The recent bear market started in September 2019: we capitulated and went down by 42%. By February 2019, BTC went down 50%, getting to the bottom.

In 2014, after a 66% drop, the way from the bottom to the top was measured by 55%. If we measure the current situation, the spike was 67%. So, what if the path is a perfect repetition? If we get down now, the bottom might be around $1,839 (with the top at $5,300) – it’s very likely to happen.

Indeed, the 2014 situation matches the current channel. Within the current pitchfork, there are four channels for BTC to go through. We still have one channel to come before another true bottom of $1,839 happens.

Was the bull run genuine?

So, what else has driven the bull market except volume? According to the blogger, the bull run news is speculation from both people and organizations. It’s okay for them to massively buy BTC, which makes up for the price drop. This is what might have happened now.

In 2014, the higher high didn’t mean a bull market – BTC dropped again. This was not what people expected.

Now, we also had a higher high, but it appeared to be a disillusion. All in all, the major shift took around 150 days.

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So, what to expect? A bull run? No, the blogger expects BTC is to go to the aforementioned bottom of $1,839. In the last 2017 occasion, Bitcoin was overhyped and massively sold – that’s what caused such a serious dump. We still might top out, but it won’t last long. After the bottoming, the recovery might take months

Now, BTC has to find the bottom – there might be an ascending triangle. Look for this sign!

Conclusion

Comparing the 2014 bear market with our current location in the 2019 bear market, we are due for a 65% correction. Our next Bitcoin bull run is further off than most believe. To find out when and why the 65% drop is coming, watch the next videos and do your own crypto market research. Always rely on yourself and only make investments you can allow to lose!

Cover image via 123rf.com
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XRP/USD Price Prediction — Facing the Road to $0.5: Can Bulls Keep It Up?

  • Denys Serhiichuk
    📈 Price Predictions

    Almost all attention has been paid to 💰Bitcoin. But what about Ripple: Is it still an attractive 🔍investment?


XRP/USD Price Prediction — Facing the Road to $0.5: Can Bulls Keep It Up?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Although almost the whole cryptocurrency market is green today, Ripple is not showing its best, as its rate has gone up only by 3%, while the prices of BTC or ETH have increased much more.

However, there is a relatively positive news background for XRP holders. Thailand’s oldest bank, Siam Commercial Bank (SCM), made it clear that it would use Ripple technology for cross-border transfers.

Ripple chart

Ripple is one of those coins that has grown from the bottom, although it is quietly discussed in the news. It’s not worth grabbing XRP in hopes of a fast pump; it’s a tough medium term that can make a profit of 20% or more in one moment.

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The technical analysis confirms the news background.

XRP/USD 30-min chart

As we predicted today in our forecast, XRP keeps moving up slowly; however, one should expect a slight decline shortly. On the 30 minute graph, the coin has been under bearish dominance since the middle of May; the quotes have declined by around 20%. All this means that the bottom has not been touched yet, and XRP can still go down to the nearest support at $0.38.

XRP/USD 4-hour chart

On the 4-hour chart, the situation looks more promising, and Ripple has the potential to go up. There are a few reasons for such a scenario. The MACD is located near its bottom points, meaning that sellers are running out of steam. Thus, RSI is neutral, suggesting that bulls are about to come back soon.

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If the downtrend line formed on May 16 is broken, Ripple might reach $0.40 until the end of May. In this regard, the increasing trading volume serves as support for such a price movement.

The price of XRP is trading at $0.3884 at the time of writing.

Cover image via 123rf.com
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