RATE Group | This Historically Accurate Pattern Suggests Epic Bitcoin Plunge to $3K
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This Historically Accurate Pattern Suggests Epic Bitcoin Plunge to $3K

04 Apr This Historically Accurate Pattern Suggests Epic Bitcoin Plunge to $3K

Posted at 08:56h in Bitcoin News by

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The short-term trend of the Bitcoin (BTC) price since its drop to $3700 shows an Elliot Wave pattern forming on lower time frames. While the pattern can reverse to a bullish trend, the declining volume of BTC suggests it is not likely.

The Bitcoin price has been ranging in between $5,800 and $6,900, with an exception of a brief wick to $7,300 on April 3. 

BTC-USDT 4H chart

BTC-USDT 4H chart. Source: TradingView

Technical analysts say that the declining volume of Bitcoin put together with stagnant open interest in futures and the abrupt V-shape recovery of the cryptocurrency market increase the likelihood of the Bitcoin price falling in the near-term.

Elliot Wave, larger triangle & declining volume raises chances of a new Bitcoin bottom

A pseudonymous trader who called the $3,000 bottom of Bitcoin in December 2018 said that the current price action of BTC can be analyzed as either an Elliot Wave, a larger triangle, or a “larger flat.”

All three indicators suggest a short-term corrective pattern,…

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