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Home Cryptocurrency news Bitcoin

Analyst: Bitcoin May See an Extended Bear Market Until September 2020

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin
Reading Time: 2min read
bitcoin bear market
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Bitcoin’s halving came and went, but no major uptrend has begun as crypto investors had been hoping. And although the leading crypto asset by market cap has rallied steadily from lows, another three-month-long downtrend and extension of the bear market may be ahead.

Correction To Last As Long As Uptrend, Bitcoin Price To Bottom Around September 2020

Bitcoin price is consolidating below critical resistance at $10,000 once again. Thus far, the cryptocurrency has repeatedly failed to hold above this level.

And while sentiment is strong, the asset’s underlying fundamentals are screaming buy, and the current economic environment is ideal for the asset’s growth, another correction may be coming, according to a highly accurate crypto analyst.

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Related Reading | Bitcoin Crash May Be Profit-Taking To Prepare For Incredible Altcoin Season 

According to Dave the Wave, who focuses on longer-term investing analysis rather than short term trading, based on past Fibonacci based time cycles, Bitcoin price will bottom out in September 2020.

The analysis is based on prior uptrends and downtrends matching in the length of time they take.

pic.twitter.com/ZpNbEGcr7H

— dave the wave (@davthewave) June 3, 2020

A price chart shared by the analyst demonstrates that the length of time it took for Bitcoin to rise from $3,200 to $14,000, was roughly the same amount that it took for the asset to fall to $6,400.

Then, the rise from $6,400 to the February 2020 high of $10,500 took the same duration for Bitcoin to plummet to below $4,000.

If the latest move did indeed call the top, this recurring data would suggest a bottom will be reached in September 2020.

More Bear Market, Or Just a Post-Halving Crypto Correction?

Rejection at $10,000 yet again could result in an extension of the already over two-year-long bear market. Extending a breakout above $10,000 towards the end of the year would make for a three-year-long bear market in total.

Many signs are pointing to such a scenario playing out and lines up with expectations from top analysts on what to expect post-halving. Bitcoin experts had warned it could take another 100 days following Bitcoin’s halving to break above $10,000.

A bottom around September 2020 would be just over 100 days since the asset’s halving.

Related Reading | Crypto Analyst on Bitcoin Collapse: Never Underestimate The Power of TD Sequential 

The event has long expected to be bullish and trigger the start of the next bull market, but miner capitulation causing a major crash continues to hang over the heads of crypto investors.

The uncertainty and fear of any possible post-halving correction combined with strong resistance, and an accurate sell signals on high timeframes, all tend to point to a sustained correction and continued downtrend for the next few months.

However, as has also recurred in the past, after the post-halving crash, it has acted as the last ever opportunity to buy Bitcoin at low prices, before a new uptrend begins.

Tags: bitcoinbtcusdBTCUSDTcryptoDave the Wavexbtusd
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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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