RATE Group | Current Bitcoin Price Trajectory Similar to May 2018, Prior to $3,000 Drop: Analyst
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Current Bitcoin Price Trajectory Similar to May 2018, Prior to $3,000 Drop: Analyst

09 Dec Current Bitcoin Price Trajectory Similar to May 2018, Prior to $3,000 Drop: Analyst

Posted at 03:57h in Cryptocurrency News by

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Since Bitcoin topped in June, mainstream haters of cryptocurrencies and related technologies, such as Peter Schiff and Nouriel Roubini, have asserted that BTC is in an “echo bubble.” While many have laughed off this sentiment as pure delusion, the charts may be telling a different story.

Related Reading: Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is Risky

Will Bitcoin Fall to $3,000 Again?

An analyst going by James, whose work NewsBTC has covered previously, recently argued that Bitcoin’s current price trajectory is looking “amazingly similar” to how the cryptocurrency was trading in May and June of 2018, which was in the middle of the strong downturn that took BTC to $3,000.

He noted that in both cases, Bitcoin was rejected by horizontal resistance at $9,500, the price has found itself stuck between $7,800 and $5,700, and the RSI has entered into a “bear market zone.”

Should history repeat, Bitcoin may find itself heading back under $6,000…

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