NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Still Has Potential to Dive to $5,500, Yet Macro Uptrend Still Intact

Nick Chong
Nick Chong
1 year ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Last week, the one-week Bitcoin chart printed an extremely bullish sign: the golden cross of the 50-week and 100-week simple moving averages, with the former crossing above the latter. (As an aside, a golden cross is when a short-term moving average crosses over a long-term one to imply bulls have control.)

While this is a decidedly bullish sign in the long term, with this signal preceding the 1,000%+ rally seen between 2016 and the end of 2017, a leading analyst has remarked that Bitcoin is still susceptible to one final downturn before an eventual return to the macro uptrend.

Related Reading: Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So

One More Dump to $5,500?

CryptoBirb, a strong proponent of the positive effects the aforementioned golden cross will have, recently noted that Bitcoin still has the potential to see one final dump to $5,400-$5,600 — 23% lower than the current price of $7,150. This coincides with the long-term 0.786 Fibonacci Retracement level.

He noted that this would corroborate a trend seen in previous market cycles, which saw BTC see a bullish throwback prior to a resumption of a parabolic uptrend.

the golden cross is here for 2020 but it still might dive 5.4-5.6k (0.786 Fib), unless we start closing weekly 8k+
I wouldn't mind cheap ₿₿₿ for Christmas personally🎅🎁
Reminder:
Decembers have almost always provided us with extremes and pivots. U ready for when it comes? pic.twitter.com/XFk6ORaZbH

— Adrian Zduńczyk, CMT (@crypto_birb) December 14, 2019

Birb’s suggestion that Bitcoin will see one more drop lower has been corroborated by other analysts.

Cold Blooded Shiller, a popular cryptocurrency trader, noted that Bitcoin is in a “markdown from distribution” near the $13,000-$14,000 top, a markdown contained by a descending channel that has existed since the top of the recent bull run.

As it stands, Bitcoin at $7,400 is in the middle of the channel, seemingly in no man’s land, thus not close to a bottom.

“From a volume perspective, there is nothing to me that screams “THIS IS THE BOTTOM.” For both markdowns and markups we typically expect to see “climactic” volume,” Shiller wrote, trying to accentuate that there are no concrete signs the bottom is in for the Bitcoin market.

The scenario he is expecting can be seen below, which shows that the leading cryptocurrency could return into the low-$5,000s, a range that has been identified by other analysts as a potential macro bottom. 

This is what I'd like (and expect to see):

Price coming out of the markdown channel (downside)
Large volume increase (creating an anomaly against prior volume)

That brings us on to the final piece of information we can use in this set up. pic.twitter.com/6zB4TWnzk0

— Cold Blooded Shiller (@ColdBloodShill) December 7, 2019

Related Reading: What’s the Best Way to Drive Bitcoin Adoption? Billionaire Says Crypto Giveaways

Macro Bitcoin Uptrend Intact

Despite this, many researchers have claimed that Bitcoin’s macro uptrend remains intact.

Hans Hauge, a senior quantitative researcher at Los Angeles-based crypto fund Ikigai Asset Management, recently gave a confluence of reasons why he remains bullish on the leading cryptocurrency.

He first drew attention to a chart from Deutsche Bank, the 17th largest bank in the world. It was estimated that the number of users of Blockchain Wallet (blockchain.com) could surmount over 200 million — around six times higher than where the sum currently is — by 2030.

Hauge also looked to the fact that the CEO of Bakkt has just become a U.S. Senator, meaning that Bitcoin could get its own cheerleader in Washington.

He also noted that BTC is “actually pretty close to where it should be,” in reference to a model that takes the number of “Bitcoin transactions ever confirmed and use that as an input into a log-scale linear regression model.”

Related Reading: Could Bitcoin Price Press Higher as PlusToken Liquidations Slow?
Featured Image from Shutterstock
Tweet123Share235ShareSend
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.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

비트코인, 도지코인 및 밈코인 일제히 상승세... 토큰6900도 따를까?

비트코인, 도지코인 및 밈코인 일제히 상승세… 토큰6900도 따를까?

비트코인이 10만 9천 달러를 돌파하면서, 암호화폐 시장 전반에 강력한 상승 신호를 던지고 있다. 이더리움(Ethereum, $ETH) – up 4.65% 리플(XRP, $XRP)...

Soyeon Lee 1 hour ago
elon musk DOGE

Elon Musk plant onthulling ‘America Party’ – significante invloed op crypto markt verwacht

Er is weer volop reuring rond de naam Elon Musk. Hoewel er na de ruzie tussen Musk en Trump enkele...

Lars Diederiksen 1 hour ago
XLM

XLM Traders, Beware! Stellar’s Funding Rate Is Plummeting

Stellar Lumens hit a critical support level this week at $0.20, putting the token in a precarious spot. At that...

Christian Encila 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum

Ethereum Breaks Higher With Conviction: No Signs Of A Breakdown Yet

Godspower Owie 20 minutes ago

$400M Crypto Seizure by Secret Service Highlights Why Cold Storage and Best Wallet Are Essential

Aaron Walker 45 minutes ago
XRP

XRP Could Hit $35 If It Captures A Quarter Of Remittance Market By 2029

Christian Encila 1 hour ago

Premium Sponsors

Press Releases

  • 新しい仮想通貨|今買うべき注目の3つの新プロジェクトと高い成長可能性

    ...

    6 minutes ago
  • 本日の暗号資産市場が上昇中、その背景とは?次のラリーに備える仮想通貨おすすめ3選

    ...

    18 minutes ago
  • 2025年にCardano、XRP、Pepeが急騰か?注目の仮想通貨プレセールと次なるミームコインの動向

    ...

    1 hour ago
  • アルトコイン注目銘柄:2025年7月第1週にチェックすべき4銘柄

    ...

    1 hour ago
  • 仮想通貨おすすめ|億万長者を生む可能性が高いのはどちらか?XRP対シバイヌ比較

    ...

    2 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

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.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 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.