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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin price fractal crypto

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After three months of consolidating, Bitcoin price broke down from the triangle formation it had been trading in. The fall took Bitcoin from over $10,000 to under $8,000 in less than 48 hours.

According to one crypto analyst, price action is mimicking the behavior and movements that took place within the triangle formation Bitcoin broke down from, and if the fractal completes, a drop to $7,000 is very close.

Bitcoin Price Fractal Suggest Fall to $7,000 Is Coming Soon

Fractals are repeating patterns found in everything from nature to the price charts of financial assets. These repeating patterns can tip off crypto analyst and traders through technical analysis, and warn them of coming price movements.

Related Reading | Three Black Crows: Bitcoin Monthly Chart Forms Ominous Reversal Pattern

One prominent crypto analyst has spotted some similarities between the recent top in Bitcoin price, which resulted in a multi-month triangle formation. The triangle had a number of peaks and troughs, that match the current price action.

$BTC awkwardly following recipe to puke to the T

Image 1: 14K top distribution

Image 2: current consolidation

But Jack, fractals suck… no fractals suck if you use them arbitrarily for confirmation bias and not look at the underlying price action

7K is next pic.twitter.com/ZJlDAR8yXc

— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) October 7, 2019

The analyst says that if the fractal continues to be followed, a deep and violent drop like what was experienced in September following the disappointing Bakkt launch may be coming in the days ahead.

If Bitcoin should breakdown from the current structure, and repeat the drop, the analyst says that Bitcoin price will reach $7,000 as a result of the breakdown.

Bear Market Bottom Fractal Gives Bulls Hope in a Rebound

But just as one set of eyes interprets chart patterns one way, another set sees them through a different lens. Another crypto analyst also has spotted a fractal bearing similarities between the current price pattern, and another period that led to a huge move: Bitcoin’s bear market bottom.

According to the pattern in the above chart, price action is currently mimicking the pattern Bitcoin price traded within during its bear market bottom back in early 2019.

history doesn't repeat itself but it certainly rhymes.

how much longer will history rhyme for fam? pic.twitter.com/43YObWOG1C

— Bluntz (@Bluntz_Capital) October 8, 2019

At the end of this fractal, Bitcoin price didn’t break down further, it instead broke up with an over $1,000 green candle, that set off a parabolic rally that amounted to over 300% returns for investors who were able to get buy orders in before the rally kicked off.

Related Reading | Crypto Market Death Cross Inches Closer, Will The Bear Market Return?

With both of these fractals, they only bear similarities and aren’t exact duplicates of the price action from either period. Fractals are also often disregarded by crypto analysts, who claim that sticking to them too closely could result in unnecessary bias.

If the fractal from above plays out, then $7,000 would be the next stop for Bitcoin price, however, if the second bera market bottom fractal confirms, Bitcoin could not only revisit $10,000 but could go parabolic once again and return to its bull run.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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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