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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
bitcoin doom

Bitcoin Doom Signal Warns Of 50% Crypto Collapse

Tony "The Bull" Severino by Tony "The Bull" Severino
2 months ago
in Bitcoin News
Reading Time: 3 mins read

Bitcoin price lost support yesterday at around $27,000 and is now below a critical level that the last two times it was lost, resulted in a 50% or more decline. 

Will this signal returning once again forecast sudden doom and cause crypto prices to rain down another 50% lower?

Bitcoin Forecast Is Suddenly Cloudy

The last several weeks of resilience in Bitcoin price action have been seemingly erased this week, as price fell below support at $27,000. 

While the rounded psychological number is important by itself, BTCUSD has now pushed below the bottom of the Ichimoku cloud on the weekly timeframe. 

Related Reading: Bitcoin Bullish Uptrend Remains Unbroken, Here’s Why

According to historical performance after falling out of the cloud, the top cryptocurrency by market cap continued to tumbled significantly lower to the tune of 50%. 

BTCUSD_2023-10-12_08-14-43

Bitcoin is at risk of losing the cloud | BTCUSD on TradingView.com

Will Crypto Crash Another 50%?

The Ichimoku cloud acts as dynamic support and resistance, and expands and contracts with volatility. Losing this support level in the past has had dangerous consequences. 

Related Reading: Learn How To Use The Ichimoku Cloud

In March of 2020, falling out of the cloud on the same weekly timeframe resulted in a 50% flash crash over the next two weeks during the onset of COVID in the US. 

Later in May 2022, the LUNA collapse caused Bitcoin to lose the weekly Ichimoku cloud. It took over 20 weeks later to reach a bottom and a full 55% lower. 

BTCUSD_2023-10-11_08-27-40

Past instances led to a 50% collapse | BTCUSD on TradingView.com

$12,000 Or $42,000: BTCUSD Levels To Watch

Another 55% crash in BTCUSD would take the price per coin to around $12,000. More importantly, it would be disastrous for altcoins that remain down by 90% or more from all-time highs. 

The major difference between now and the last two times the cloud was lost, and that’s the Tenkan-sen and Kijun-sen in blue and maroon respectively (pictured below). Unlike the two past instances, these spans are crossed bullish whereas previously they were during a bearish crossover. 

Related Reading: Bitcoin Bulls Could Buck Downtrend With Move To $42,000

If for some reason Bitcoin manages to hold inside the bottom of the cloud, it could next target the top of the cloud at around $42,000 per coin. If it doesn’t, “look out below.”

Charts initially appeared in Issue #23 of CoinChartist VIP. Subscribe for free to learn more about the Ichimoku cloud and what might happen next in Bitcoin.

BTCUSD_2023-10-11_08-36-29

Will this key level hold? | BTCUSD on TradingView.com
Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoichimokuxbtxbtusd
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Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino is a level 3 CMT student (passed level 1 & 2), technical analyst, and the Head of Research at NewsBTC. Tony is also the Founder of CoinChartist.io – a technical analysis educational resource designed for crypto traders. Tony is a partner of Elliott Wave International, TradingView, and a member of the CMT Association.

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