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Home Cryptocurrency news

Bitcoin Price: Bear Pennant Targets $4,600, Has The Breakdown Begun?

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
bitcoin price chart pattern bear pennant
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Bitcoin price has been steadily falling, locked in a downtrend over the course of the last few months, taking the price of the cryptocurrency to roughly 50% of the year’s high of $14,000.

After the latest sustained drop, Bitcoin has been consolidating in what now appears to be a bear pennant chart pattern formation, which suggests that yet another drop is ahead, and could take the price of the leading cryptocurrency by market cap to as low as $4,600 in the days ahead.

Bitcoin Price Forms Bear Pennant At Bottom of Downtrend

Once Bitcoin’s parabolic rally cooled off this summer, the first-ever cryptocurrency began to decline in price and has fallen back into a downtrend. In late October, the tides had appeared to be changing, with the crypto asset setting a historic single-day gain of over 40%.

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Related Reading | Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern

But that rally turned out to be little more than a bearish retest of former support turned resistance, that only further cemented Bitcoin’s decline in the days ahead.

Let's keep it simple – as a bear pennant
(and a bit crazy as for a target)#NoWayItWillHappen$BTC $BTCUSD #bitcoin pic.twitter.com/NJfFnWU4hx

— CryptoHamster (@CryptoHamsterIO) December 10, 2019

After the burst of buying and FOMO on the heels of China news, the cryptocurrency resumed its downtrend, and the latest fall took the price of the asset from a local high of $10,500 to as low as $6,500 before bouncing and consolidating at current prices around $7,500.

The steep drop resulted in a flag pole for a bear pennant chart formation on Bitcoin price charts. The cryptocurrency has been trading within the structure for nearly three full weeks now, and a break of the pattern could be any day now as the price nears the apex of the triangle-like pattern.

bitcoin price chart bear pennant

Pennant Targets $4,600, Crypto Asset’s 2019 Rally Almost Entirely Erased

If the pattern is valid, Bitcoin price may have closed a daily candle outside of the pattern, suggesting that a breakdown is imminent. If a breakdown occurs, the bear pennant could have a measured target of as low as $4,600.

Reaching such a low would nearly erase all of Bitcoin’s gains throughout the calendar year thus far, and take the asset back to prices not seen since April of this year.

Time to tether up $BTC #Crypto pic.twitter.com/22GDYPY694

— Livercoin (@livercoin) December 10, 2019

If the pennant breaks up, shocking bears shorting with the current trend, it could push Bitcoin price back up above the $7,000 range, where it would need to reclaim a new high in the $8,000 range, before making any further attempts higher.

Related Reading | Crypto Price Action Sports Uncanny Resemblance to Bitcoin Bear Market Bottom

Pennants, like flags, form when one side of buying and selling is taken by surprise, causing extended buying or selling resulting in a long, flagpole-like candle. Once price begins to consolidate at the bottom or top of the flagpole, a flag or pennant results. Flags are rectangular shaped, and often slope toward the initial breakout, while pennants are triangular-shaped, and typically are more symmetrical in their patterns.

Tags: bear pennantbitcoinbitcoin pricechart patterntechnical analysis
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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.

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