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Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

Key Bitcoin Price Fractal Predicts a $3,000 Correction Is Due

Nick Chong
Nick Chong
1 year ago
2 mins read
Bitcoin market

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Bitcoin has undergone a strong rally over the past few weeks, pushing as high as $16,500. Analysts are starting to fear that a correction is due, though.

One crypto-asset analyst recently shared a fractal showing that the cryptocurrency is trading in a remarkably similar way to how it did during the 2017 highs at $20,000. This fractal analysis predicts that a drop to $14,000 will take place in the weeks ahead.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

This Fractal Predicts a Bitcoin Correction Is Due

The crypto-asset analyst that predicted Bitcoin would drop to $9,800 in September is now suggesting that another retracement might be due.

The chart shows that Bitcoin’s recent price action looks extremely similar to how it looked at the $20,000 all-time high. This correction could take Bitcoin toward $14,000, the chart shows, if the fractal plays out to a T.

Image

Chart of BTC's price action over the past few weeks with a fractal analysis to the 2017 blow-off top that took Bitcoin to $20,000. Chart by crypto analyst Coiner-Yadox (@yodaskk on Twitter).
Source: BTCUSD from TradingView.com

Another trader also thinks that a correction is due. He recently said on the matter:

“Almost forgot my chart today, was a little busy IRL but a challenge is a challenge. I think going into the wknd you should be very cautious with getting caught long especially with equities being bearish. Don’t see much other than we might have topped. I am flat. I’m a bit groggy but topped on LFT, I would be skewed to taking majority shorts above 16.3k until we open and close monday above this level.”

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

A New All-Time High May Come Soon

While Bitcoin may face a short-term drop, key investors in the space still believe the cryptocurrency will hit a new all-time high before 2020 is over.

For one, Tyler Winklevoss, CEO of Gemini and a Bitcoin billionaire, was recently quoted as saying on Twitter:

“I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”

This optimism has been echoed by Raoul Pal, CEO of Real Vision and a former hedge fund manager. Pal thinks that Bitcoin will hit a new all-time high at latest by Q1 2021.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Key Bitcoin Price Fractal Predicts a $3,000 Correction Is Due
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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.

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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