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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin (BTC) Correction in Progress, Another $1,300 Drop Likely

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin (BTC) slide 10.9 Percent 
  • Bitstamp sees a large sell order that caused a market imbalance, overpricing BTC

Not surprising, Bitcoin (BTC) prices are under pressure, dropping 10.9 percent in the last day, at the time of writing. Analysts attribute this to a large sell order from Bitstamp that forced prices to fall as supply exceeded demand.

Bitcoin Price Analysis

Fundamentals

In a day marked by chaos and investors jostling to liquidate Bitcoin (BTC) at market rates, the asset price dropped by $1,340. By sliding from intra-day highs of $7,940 to lows of $6,600, the dip is the largest in more than a year.

Nonetheless, today’s slip is but a minor blip mainly because the candlestick arrangement favors buyers. This is thanks to increasing transaction volumes and general awareness of what BTC represents. Coincidentally, the drop is two days after keen observers noted a sharp increment in the number of retail investors/traders owning more than one BTC.

Even so, the majority are crypto exchanges. All the same, this is bullish and reveals there are optimistic participants keen on accumulating cryptocurrency, specifically to prepare for the next wave of higher highs that would most likely lift Bitcoin above 2017’s peak probably towards $50k, as per BitMEX chief executive Arthur Hayes’ projection.

Candlestick Arrangement

Bitcoin

 

From the chart, Bitcoin (BTC) is down 10.9 percent in 24 hours but up 15.8 percent from last week’s close. Even though buyers are technically in charge, thanks to favorable price action and a stellar performance in the previous six weeks, during which prices surged 75 percent after breaching $4,500, today’s selloff is likely a correction.

Already, what we have is a double bar bear reversal pattern. Because of today’s losses, May 16th bears are back. As such, in days ahead, the path of least resistance will likely be southwards. In that case, risk-off traders can exit their longs, fade the primary trend, and aim for Apr-2019 highs of $5,600 in line with our last BTC/USD trade plan.

Technical Indicator

Our anchor bar is May 13th with 47k against 21k averages. However, because of BTC overvaluation in the last few days, BTC prices will likely dip below May 13th lows as sellers flow back albeit with light volumes. That will correct the over-extension with probable support at the 20-day moving average on the upper end or $5,600 on the lower end.

Chart courtesy of Trading View. Image Courtesy of ShutterStock
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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