• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin price gold fractal
Advertisement

Bitcoin has long been pitched as the digital version of gold – a precious metal that’s long been used as a store of wealth, transfer of value, and features many of the attributes that Bitcoin is lauded for, such as scarcity.

Bitcoin price has also been following a fractal found on gold price charts almost perfectly. If Bitcoin price action continues to follow the fractal, a dangerous drop could be ahead for the leading crypto asset by market cap and the digital counterpart to gold.

Bitcoin Following Gold Fractal Suggests Dangerous Drop Ahead

Digital gold. It’s one of the many narratives given to Bitcoin, due to the crypto asset sharing many attributes with the precious metal. Both can be used to store value, have been used as a transactional currency, and recently, Bitcoin has been pitched as a safe haven asset much like gold due to hard-coded digital scarcity and a supply cap of only 21 million BTC to ever exist.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker’s Rally

In recent weeks, the first-ever crypto asset has been the talk of the investment world, bringing investors as much as 300% gains from bottom to recent top, and cementing itself as part of the safe-haven discussion in the face of growing global economic turmoil. Bitcoin’s even been said to be the single best hedge against governments and traditional finance, even beating out gold.

And as fears continue to mount that a global recession is around the corner – the greatest the modern world has ever known – both Bitcoin and gold have started to rise in a correlated manner, giving the ‘Bitcoin as a safe haven asset narrative’ additional credence.

Investors looking more closely at Bitcoin and gold has resulted in a fractal being discovered that’s playing out on Bitcoin price charts. Following a peak in gold prices in mid-2011, just as the great recession of 2008 began to turn around, continued bullish interest in gold resulted in three additional peaks, all around the same price, slightly lower than the highest peak or top.

$BTC – This could happen next – previous fractal on Gold… Had this marked out several days ago pic.twitter.com/cfw1lKq9Ya

— TraderXO (@TraderX0X0) August 21, 2019

Bitcoin price was rejected at $13,800 as the local top and has resulted in additional peaks each topping out around $12,000 – much like the gold fractal. But it’s what’s next that should send chills down the spines of crypto investors everywhere.

Following gold’s last peak before a big drop, the price was at roughly $1,800 per ounce. The fall after that peak took the price of the precious metal down to low of just over $1,000 – a 44% decrease.

Related Reading | Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection 

If Bitcoin were to continue to follow the same gold fractal it has been, a 44% decrease from the most recent peak at $12,250 would take the price per BTC below $7,000 to roughly $6,800 – a dangerous drop that is sure to create widespread fear and panic across the already battered crypto market.

Tags: bitcoinbitcoin pricefractalgoldtechnical analysis
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

Related Posts

VeChain VET VETUSDT

VeChain Mentioned in 2021 Forbes Blockchain 50, Parabolic Move In Sight?

4 hours ago
Bitcoin BTC BTCUSD Dogecoin DOGE

How r/WallStreetBets Triggered DOGE Rally – Reasons for Bitcoin Sell-off

5 hours ago
Ethereum ETH ETHUSD

Ethereum ETF Approved While ETH Gives Bullish Signals

6 hours ago
bitcoin price prediction

Bitcoin At $100,000: Estimating The Chance Of Six Figure BTC In 2021

24 hours ago
Coinbase’s $86bn Valuation Has Been Grossly Exaggerated by Misleading Media

Coinbase’s $86bn Valuation Has Been Grossly Exaggerated by Misleading Media

1 day ago
Ripple XRP XRPUSDT

How The XRP Community Reply To The SEC’s “Shady” Move

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

XRP Triples Within Weeks, Will the Bull Run Continue?

April 17, 2021

User-Friendly Interface Is Key to Wisebitcoin’s Steady Growth

April 16, 2021

Sign up and Get Free $30 Coupon With Nhash Cloud Mining Services

April 15, 2021

Newsletter Signup


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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 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.