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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Next Major Bitcoin Drop Could Fall to as Low as $1,800: Analyst

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

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Bitcoin price was just rejected from above $7,000, after recently bouncing from extreme lows under $4,000.

With the first-ever cryptocurrency failing to reclaim highs from even just a couple weeks prior, the asset is at risk of another catastrophic collapse to as low as $1,800, according to one cryptocurrency analyst.

After a Record-Breaking Collapse, Is the Cryptocurrency Bottom Finally In?

Bitcoin price has been more volatile than ever in 2020, rising from $6,800 at the start of the year, to over $10,500, then back down to below $4,000 all in the matter of one short quarter of the year.

The record-breaking price decline caused Bitcoin to revisit prices not seen since a year earlier, and less than a month later, Bitcoin had already rallied nearly 100%, almost doubling in value from the recent bottom.

Related Reading | This Dead Accurate Indicator Is Signaling Major Crash Across All of Crypto 

But failure to sustain bullish momentum above $7,000 could put the leading cryptocurrency by market cap at risk for yet another explosive collapse, possibly bringing the price per BTC back to 2015 and 2016 prices.

It sounds difficult to believe, that Bitcoin price could fall from $20,000 all the way back down to under $2,000, erasing a full 90% from the asset’s valuation.

But that’s exactly what one prominent crypto analyst is expecting, according to a new chart shared via Twitter.

bitcoin price drop

Analyst: If Bitcoin Fails To Hold, A Major Drop to Below $2,000 Is Possible

On linear scale across the highest timeframes, there’s one major area of support that’s never been tested in the past. This area lies just above the previous all-time high from 2014, and the breakout point in early 2017 that kicked off the historic bull market.

The analyst calls this zone the “zero or hero” entry, in reference to the fact that Bitcoin price falling that low would put the asset at risk of potentially hitting zero in price. But just as possible, the entry could be a financial opportunity of a lifetime, the equivalent of buying Bitcoin at $150 at the 2015 bottom, then riding the investment all the way to $20,000

my edge was always studying higher time frames (1D and 1W), not a great low tf trader I must admit. I have a gut feeling we might have a God tier entry on $BTC in the 0 or Hero box.
How does this chart idea makes you feel? pic.twitter.com/L68k6b43aD

— Levi Alterman (@levi_alterman) April 10, 2020

Such a trade would make anyone a hero, and would also make them filthy rich.

With a speculative asset like Bitcoin, there’s little room in between failure and reaching the asset’s enormous long-term potential as a digital replacement for failing fiat currencies.

Related Reading | An Indicator That Called Every Bitcoin Top With 86% Accuracy: Big Drop is Imminent 

Most investors entering the crypto space realize this and are greeted with the reminder to never invest more than they can comfortably afford to lose, because with Bitcoin, losing it all is a very real possibility.

But just as possible is it for Bitcoin price to go to zero, the asset could also eventually reach prices of $100,000 or more per BTC, giving people plenty of reason to take the risk should the cryptocurrency ever fall to such levels.

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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

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

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