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: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • 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: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

“Best Performing” Bitcoin Bottom Formation Makes $10k Imminent: Analyst

Nick Chong
Nick Chong
1 year ago
2 mins read

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.

After a 100% rally from the $3,700 bottom, Bitcoin has shown signs of weakness over the past few days. Just the other day, the cryptocurrency tumbled from $7,200 to $6,800 in a plunge that liquidated $40 million worth of long positions, convincing many that more downside is near.

A classic textbook chart bottom that Bitcoin is tracing to a T, however, shows that these fears are unwarranted.

Related Reading: Statistics: Bitcoin Will Tumble to $6,000, Maybe Lower, If Bears Take Control Now

Bitcoin Prints Classic, Accurate Textbook Bottom

On April 1st, 2019, Bitcoin saw “fireworks” as its price rallied 25% in a single day, marking one of the largest moves for BTC in its lifetime. While many laughed off the move as manipulation, trader B.Biddles was convinced it was the start of an even greater move higher.

He claimed that Bitcoin had formed a textbook bump-and-run-reversal bottom (BARR Bottom), which is marked by four phases: 1) a downtrend that leads into a massive, vertical sell-off; 2) a flat pattern 3) a rally past the downtrend line formed in 1); and 4) a throwback to the trendline before a surge higher that leaves the bottom far behind.

The trader was proven right as BTC began a rally that brought it as high as $14,000 just two months after his analysis.

As noted by crypto trader Nunya Bizniz, Bitcoin’s chart from the February highs of $10,500 to now have formed a “classic BARR” bottom, marked by the textbook phases normally seen with this formation.

Image Courtesy of Nunya Bizniz

Per the trader, the textbook formation — technician Thomas Bulkowski’s “best performer” out of 56 chart patterns — suggests Bitcoin will trade as high as $10,000 by the start of May, just prior to the block reward halving.

The BARR bottom scenario depicted by Bizniz is eerily similar to that expected by another top analyst.

Per previous reports from NewsBTC, a crypto analyst explained that there are eerie similarities between the January 2020 bottom and the current price action makes it clear that by the start of May, Bitcoin could easily be trading around $9,500.

Tumultuous Stock Market Could Change Rosy Outlook

As perfect as Bitcoin is tracking this textbook pattern, it’s not cut and dried. Namely, a reversal in the stock market could threaten the rosy outlook depicted by Bizniz mentioned above.

In an April 15th report by the Federal Reserve’s Kansas City branch, it was explained that Bitcoin is not a safe haven. The central bank branch found that per data from Bloomberg, during periods of economic “stress,” the crypto asset operates with a positive correlation to the S&P 500 index to a level “significant at the 5% level.”

This would suggest that should the S&P 500 begin to fall after its 30% bounce from the bottom, the crypto market will follow suit.

Related Reading: This Technical Sign Sent Bitcoin 250% Higher In 2019. It’s About to Appear Again
Photo by Frances Gunn on Unsplash
Tweet123Share224ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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

Trendošā jaunā mēmu monēta TOKEN6900 gatavojas uzlidojumam – vai tā būs nākamā SPX6900?

Trendošās mēmu monētas TOKEN6900 (T6900) cena gatavojas kāpumam “sliktās ziņas = labas ziņas” scenārija dēļ, ko šodien gaida no NFP...

lasma 3 hours ago
Crypto Market Heats Up as Corporate Bitcoin Treasuries Reach 1M – Here are the Best Cryptos to Buy

Crypto Market Heats Up as Corporate Bitcoin Treasuries Reach 1M – Here are the Best Cryptos to Buy

The corporate Bitcoin sector has just smashed a major milestone. Public companies now own over 1M $BTC, showing massive confidence...

Aaron Walker 3 hours ago
maxi doge

Dogecoin στα $4; Το Maxi Doge μπορεί να φτάσει εκεί πρώτο, καθώς το αληθινό alpha τρέχει προς τα $2M στο ICO

Το Dogecoin (DOGE) έχει στο τραπέζι μια τολμηρή πρόβλεψη τιμής στα $4, παρόλο που δεν έχει καταφέρει ακόμη να ξεπεράσει...

Ιωάννης Ριζόπουλος 4 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

Noord-Koreaanse hacker op de loer - pas op voor deze groeiende scam

Noord-Koreaanse hacker op de loer – pas op voor deze groeiende scam

Lars Diederiksen 33 minutes ago

Previsioni Ethereum: ETH Resiste Alle Turbolenze del Mercato Crypto

clararosati 2 hours ago
Dogecoin ETF news

First US Dogecoin ETF Could Debut Next Week—How Will It Impact Price?

Jake Simmons 2 hours ago

Premium Sponsors

Press Releases

  • ドージコイン 今後は4ドル突破か?新興ミームコインが200万ドルプレセールで主役に

    ドージコイン...

    2 hours ago
  • リップル 今後の価格予測:米規制緩和と国際送金拡大で3ドル突破の可能性

    リップル...

    2 hours ago
  • ChatGPT予測によるソラナ400ドルと注目の仮想通貨おすすめ銘柄

    ...

    4 hours ago
  • 新しい仮想通貨のプレセール、クジラ投資で1,500万ドル目前

    ...

    4 hours ago
  • 1M BTC超を蓄積する企業財務、1110億ドル規模へ拡大──アルトコイン市場が躍進

    1M...

    4 hours 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.