RATE Group | Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So
72164
post-template-default,single,single-post,postid-72164,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So

15 Dec Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So

Posted at 21:48h in Bitcoin News by

[ad_1]

Over the past few weeks, Bitcoin (BTC) has found itself consolidating in the low-$7,000s, holding this key support region as bears threaten the cryptocurrency’s demise. While this consolidation has been bullish, in that selling pressure has abated for weeks, setting the stage for a bullish reversal, a market cycle analysis by a popular crypto trader suggests that the pain is just beginning for Bitcoin.

Related Reading: Could Bitcoin Price Press Higher as PlusToken Liquidations Slow?

Bitcoin Ready to Head Under $5,000?

Popular trader Rampage recently noted that Bitcoin is showing signs that it is in the midst of a repeating cycle, one seen twice in the asset’s history.

The cycle is marked by a parabolic and rounded blow-off top, consolidation near said top, a strong drop to test a historical uptrend, a secondary top formed below the primary blow-off top, then a collapse under the aforementioned historical uptrend to enter a bear market phase.

Should this pattern be of current…

[ad_2]

Source link

Tags:
, , , , , , ,