RATE Group | When Might Bitcoin Be Ready To Resume Its Bull Trend?
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When Might Bitcoin Be Ready To Resume Its Bull Trend?

10 Dec When Might Bitcoin Be Ready To Resume Its Bull Trend?

Posted at 21:42h in Bitcoin News by

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Summary

  • Potential Bull Flag continues to form, with Bitcoin falling as much as 52.9% from its 2019 peak.
  • Nevertheless, a drop below the most recent low has Bitcoin next targeting the $5,900 to $5,427 price support zone.
  • Recent weekly bearish moving average crossover adds to likelihood of further downside.

Bitcoin (BTC/USD) topped out at $13,868.44 in June of this year, thereby completing a 343.2% advance off the December 2018 corrective low of $3,128.89. That low ended a 1-year 84.3% decline off the bull market bubble top of around $19,892, reached in December 2017. Two weeks ago, Bitcoin completed a 61.8% Fibonacci retracement ($7,231.40) off the June high as it fell to a low of $6,526. That low put it 52.9% below the 2019 peak.

The price correction since the June high has been normal and well-constructed, forming a potential bull flag trend continuation pattern. This can be seen as the falling parallel trend channel in the enclosed charts.

BTC/USD…

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