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Bitcoin's (BTC) Price Action Remains in Line with 2014 Bear Market

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Mon, 01/20/2020 - 07:05
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  • Bitcoin bears might remain in control throughout 2020 if this fractal proves to be accurate

Cover image via 123rf.com
Contents

If Bitcoin's eight percent drop that took place on Jan. 19 wasn't depressing enough for the bulls, there is still another chart that could make them postpone buying a Lambo this year. 

Cryptocurrency trader NebraskanGooner has noticed that Bitcoin's current price action is uncannily similar to the 2014 bear market in which BTC tanked from $931 to just $310 dollars in the span of one year. 

Bitcoin Price
image by @nebraskangooner

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The bears could remain in control 

If Bitcoin follows the same pattern this year, its price could drop below $4,000 by November, which could be a huge slap in the face for those who believe that the forthcoming halving event could potentially propel the BTC price to a new all-time high this year. 

Notably, Nebraskan Gooner published his fractal analysis that compares these two time periods on Sept. 20, right before the BTC price dropped by more than 20 percent on Sept. 25. Even though Bitcoin never tanked below $6,000 (the bottom was in at $6,400), those who followed this chart could have accurately predicted Bitcoin's price moves in Q4. 

However, the big difference is that the 2014 bear market came two years before the previous halving that famously kickstarted a new bull market in 2016. It seems unlikely that BTC would hit a snag once again in 2020 after a two-year bear market. 

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An uber-bullish scenario 

As reported by U.Today, trader "masterluc", the man, the myth, the legend who has accurately predicted all Bitcoin cycles since 2013, expects the price of Bitcoin to reach up to $70,000 in 2020. As the chart below shows, he did call the correction to the $6,400 level that took place in December. 

Bitcoin Price15
image by tradingview.com

Fundstrat's Tom Lee is also certain that 2020 could be an even better year for Bitcoin than 2019. During his interview with Yahoo! Finance, he explained that geopolitical issues coupled with the halving and institutional adoption present a major bull case for BTC. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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COVID-19 Crisis Ruins Bitcoin's Q1, but Bulls Could Soon Have Massive Comeback

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Tue, 03/31/2020 - 19:25
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  • Bitcoin (BTC) bulls have high hopes for Q2 after the coronavirus-induced crisis tanked the price of the leading cryptocurrency

Cover image via stock.adobe.com
Contents

Bitcoin, the number one cryptocurrency by market capitalization, is set to finish its tumultuous first quarter of 2020 in the red with a 10.65 percent drop, according to crypto data provided by Skew.    

As reported by U.Today, it suffered a price crash of enormous magnitude due to the coronavirus pandemic that resulted in the global economic shock. 

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The stellar quarter that wasn't 

In early 2020, Bitcoin was on track to have its best Q1 since 2013. In fact, it gained more than 50 percent after reaching its current yearly high of $10,508 on Feb. 13. However, this rally hit a snag and BTC printed its first negative February close in six years

All bull dreams have been brutally shattered after the 'Black Thursday' of May 12. On top of halving its price in less than one day, BTC was actually in great danger of hitting zero because of a string of liquidations on BitMEX. 

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The odds are in the bulls' favor  

That said, there is still a good chance that the bulls can stage an impressive comeback in Q2, which is historically the most successful quarter for the leading cryptocurrency.

Last year, BTC kicked off its impressive rally on Apr. 2 with a sudden 20 percent price pump.   

At press time, BTC is sitting at $6,480, continuing its streak of range-bound price action.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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