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Home Cryptocurrency news Bitcoin

Bitcoin Price Could Collapse to $2,000 Based On Golden Ratio

Tony Spilotro by Tony Spilotro
9 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin price crypto math
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Bitcoin price has failed to reclaim and hold above $7,000 and could retest lows set a month ago on Black Thursday.

However, if that recent low fails to hold, the first-ever cryptocurrency could fall to nearly $2,000 according to a mathematical figure that coincidentally is located at an untapped support level from past Bitcoin bull cycles.

Losing $7,00o Puts Bitcoin Price At Risk for Dangerous Drop to $2,000

After repeated attempts to push strongly above $7,000 and hold, bulls have now lost control over Bitcoin price action once again to bearish traders, hoping to short the cryptocurrency to new lows.

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At the start of the year, Bitcoin price reached over $10,000, then in less than 48 hours plummeted to $3,800 on the day now known as Black Thursday – a day that set record-breaking collapses in the stock market, crypto, and much more.

Related Reading | Correlated Chaos: Bitcoin, Dow, SP&500, and Gold Held At This Mathematical Level

The shocking selloff crushed hopes that Bitcoin’s halving would be a bullish event and caused even the most confident crypto investors to reconsider the asset class and give up on long-term valuation models.

Sentiment has now spent the longest stretch ever in extreme fear, all while Bitcoin price climbed above $7,000. But a failure to hold the level could push the asset back to retest recent lows, or perhaps even lower, according to math.

Can the Golden Ratio Be the Key to Predicting the Final Bear Market Bottom?

Many analysts believe that all future price movements can potentially be predicted using mathematics like geometry. But could the golden ratio be the key to timing Bitcoin’s elusive bear market bottom?

In trading, assets very often peak at or retrace to specific levels based on Fibonacci numbers, such as 0.382, 0.5, 0.618, and the golden ratio, 1.618. Nearly every peak in Bitcoin’s 2018 bear market peaked at 0.618, proving just how valid the theory can be.

According to the location of the golden ratio of 1.618, the psychological support level coinciding with the golden ratio puts Bitcoin price somewhere around $2,000 for the final bottom.

bitcoin price chart

Interestingly, this level is also an untapped support level from the previous bull run – that took Bitcoin price to its all-time high of $20,000. The number is also a full 90% retrace from the all-time high, which is typical of past Bitcoin bull to bear market cycles.

It’s not fully understood as to why assets fall to these important mathematical ratios, but it remains a common strategy amongst crypto traders when planning entries or exits of positions.

Related Reading | Can Ancient Math Predict the Next Bitcoin Top at $220K?

If Bitcoin price does indeed fall to $2,000, given the fearful sentiment in the crypto space, few people are likely to buy the bottom, just like the last time it occurred at $3,200.

Then, trading volumes supported the idea that very few traders actually knife caught that bottom properly, also adding credence to the theory that “smart money” investors buy assets and “be greedy” when the market is fearful.

Tags: bitcoinbitcoin pricebtcusdcryptofibonacci numbersgolden ratio
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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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