RATE Group | Bitcoin Price Will Rip to $50,000
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Bitcoin Price Will Rip to $50,000

23 Nov Bitcoin Price Will Rip to $50,000

Posted at 22:16h in Bitcoin News by

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  • Bitcoin is now in a downtrend after Friday’s technical reversal.
  • Analyst Peter Brandt believes that a cleansing is in order before bitcoin can start a new bull market.
  • He says investors who refuse to be shaken out by the stomach-churning purge could reap ridiculous profits in the future.

The world’s dominant cryptocurrency appears to have lost all bullish steam. The momentum that the bitcoin price generated when it printed a 2019 high of $13,880 has vanished, giving way to a rapid downturn.

This week, the cryptocurrency crashed through support at $7,400. This triggered a technical reversal on the daily chart. As much as I hate to say it, the bitcoin hater, Peter Schiff, finally got it right.

bitcoin head and shoulders
Bitcoin broke down from a head-and-shoulders top | Source: Twitter

A head-and-shoulders structure is one of the most reliable reversal patterns in technical analysis. Thus, from a technical perspective, bitcoin is now in a downtrend, and many expect that it would plummet to $6,000.

For instance,…

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