NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Bitcoin Breaks Below Bear Channel as Analysts Eye Further Downside

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin BTC

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin has plummeted below its previous support levels during a swift and sharp sell-off earlier this morning that led the aggregated crypto market to drop to fresh multi-month lows. BTC has continued grinding lower throughout the day and it is unclear as to where it will find any meaningful support that halts its current downtrend.

One prominent cryptocurrency analyst is now noting that it is highly probable that Bitcoin incurs further downside in the near-term, which may be driven by two critical moving averages that are “punishing” BTC’s price.

Bitcoin Plummets Below $8,000 Overnight, Sparking a Fresh Downtrend 

At the time of writing, Bitcoin is trading down just under 10% at its current price of $7,500, which marks a notable drop from its recent trading range within the lower-$8,000 region – where the cryptocurrency had previously found significant support.

This negative price action today has led the aggregated crypto market to plummet, with most major altcoins mirroring BTC’s price action and dropping towards fresh multi-month lows.

Currently, Ethereum is trading down nearly 8% its current price of $160, which marks a notable retrace from its recent highs of nearly $200. Litecoin has also plummeted today, crashing a whopping 10% over a 24-hour trading period.

This latest drop came about after Bitcoin broke below the lower boundary of a bearish trading range that it has previously been caught within.

The Wolf of All Streets, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, referring to the chart seen below.

“$BTC: Seems support weakened. Nice bear flag breakdown,” he explained.

$BTC

Seems support weakened. Nice bear flag breakdown. pic.twitter.com/d0k2gZKG0z

— The Wolf Of All Streets (@scottmelker) October 23, 2019

BTC May be Positioned for Further Losses

The Wolf of All Streets further noted that this latest movement downwards was not unprecedented, as BTC had been posting multiple bearish candles over the past several days and weeks that pointed to underlying weakness.

“$BTC: Looking back at the daily, there were some ugly candles at each top of this consolidation. I am in no rush to buy yet, but the daily is looking promising for a big oversold bullish divergence with RSI. If that confirms, it would be my cue to reenter,” he explained pointing to the below candle formations.

$BTC

Looking back at the daily, there were some ugly candles at each top of this consolidation. I am in no rush to buy yet, but the daily is looking promising for a big oversold bullish divergence with RSI. If that confirms, it would be my cue to reenter. pic.twitter.com/0GjbYrIeKl

— The Wolf Of All Streets (@scottmelker) October 23, 2019

The next few hours and days will be critical for determining where Bitcoin will head next, as a failure for BTC to incur a relief rally in the near-term could mean that significantly further losses are imminent.

Featured image from Shutterstock.
Tweet123Share196ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

crypto custody citigroup

Η Citigroup μπαίνει δυναμικά στα crypto με υπηρεσία custody από το 2026

Σε μια εξέλιξη που επιβεβαιώνει τη βαθιά διείσδυση των ψηφιακών περιουσιακών στοιχείων στον παραδοσιακό χρηματοοικονομικό τομέα, η Citigroup, ένας από...

Ιωάννης Ριζόπουλος 2 hours ago
Kryptoměny

Nejlepší 3 kryptoměny, které koupit v době zotavení trhu

V době, kdy se kryptoměnový trh zotavuje z období poklesů a volatility, mnoho investorů hledá příležitosti, jak strategicky rozmístit své...

Lenka Hanzlíková 3 hours ago
BNB

BNB’s Comeback Meal — Trader Says The Token Ate The Dump For Breakfast

Binance Coin (BNB) climbed to a fresh record on Monday, hitting $1,370 after briefly topping $1,355. According to reports, the...

Christian Encila 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Analyst Puts BNB at $2,000, Marking it as the Next Crypto to Explode as Snorter Token Soars

Analyst Puts BNB at $2,000, Marking it as the Next Crypto to Explode as Snorter Token Soars

Aaron Walker 32 minutes ago
Фейерверк

BNB Smart Chain устанавливает рекорд по использованию газа

dariajz 47 minutes ago
монета

Polymarket и возможный запуск токена – рынок затаил дыхание

dariajz 1 hour ago

Premium Sponsors

Press Releases

  • Bitcoin, Ethereum Rebound After Weekend Crash

    Bitcoin, Ethereum phục hồi sau cú sập cuối tuần...

    5 minutes ago
  • Presale Bitcoin Hyper

    Khi JPMorgan mở giao dịch Bitcoin cho khách hàng...

    12 minutes ago
  • bitcoin rises

    AI tiết lộ bí quyết giúp bạn trở thành triệu...

    18 minutes ago
  • イーサリアム 今後...

    1 hour ago
  • ビットコイン...

    1 hour ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.