• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
Bitcoin BTC

Bitcoin Must Break Above $12,444 Or Else Price Breakdown May Occur, Claims Prominent Analyst

Cole Petersen by Cole Petersen
4 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement
Advertisement

Bitcoin and the aggregated crypto markets have been facing tremendous volatility over the past several days and weeks, with BTC oscillating between the $10,000 and $12,000 region, making relatively large moves between each of these two price regions.

Now, the prominent analyst who predicted Bitcoin’s recent bull run is warning investors that Bitcoin may be forming a dangerous chart pattern that historically results in price breakdowns across different markets, and that a surge is needed to invalidate this possibility.

Bitcoin Plummets Below $11,000… Again… 

At the time of writing, Bitcoin is trading down nearly 8% at its current price of $10,960, which is down significantly from its daily highs of $12,200 that were set yesterday.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

While looking at Bitcoin’s weekly price action, it is clear that BTC is once again nearing a region of historical support that must hold, as it previously found strong buying pressure in the low-$10,000 region.

Additionally, BTC will be closing out its weekly candle today, which means that bulls must step up the buying pressure over the course of the next several hours or else the downwards pressure could continue to extend due to technical weakness.

Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about the importance of tonight’s weekly close in a recent tweet, explaining that he believes the next downside target exists at $9,500.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

“$BTC – price just broke below $11,500. Want to see Bitcoin regain momentum and close above this level by weekly close tonight. Monthly close is looking good, strong month of June but BTC still has ability to retrace to $9500 in coming weeks. Keep an eye on this area,” he explained in a recent tweet.

$BTC – price just broke below $11,500

Want to see Bitcoin regain momentum and close above this level by weekly close tonight

Monthly close is looking good, strong month of June but BTC still has ability to retrace to $9500 in coming weeks

Keep an eye on this area pic.twitter.com/fP4q0FTGYo

— Josh Rager ? (@Josh_Rager) June 30, 2019

Prominent Analyst: BTC May Break Down Due to Historically Bearish Technical Formation

Peter Brandt, a prominent analyst who predicted Bitcoin’s recent bull run, recently told his nearly 300k Twitter followers that Bitcoin is currently forming a historically bearish technical formation that has result in downwards breaks in other markets.

“The analogue concept is a foundational premise of chart analysis — that forms tend to repeat, even in different time frames. Nasdaq 100 in 1999-2000 vs. BTC currently. Advance above 12444 violates possible analogue $BTC Forewarned = fore-ready,” he explained in a recent tweet while referencing the below chart.

The analogue concept is a foundational premise of chart analysis — that forms tend to repeat, even in different time frames. Nasdaq 100 in 1999-2000 vs. BTC currently. Advance above 12444 violates possible analogue $BTC Forewarned = fore-ready pic.twitter.com/PzYr0MgG1v

— Peter Brandt (@PeterLBrandt) June 30, 2019

As the weekend wraps up and a fresh week of trading kicks off, it is highly likely that this aforementioned chart pattern will either be validated or invalidated, so how BTC responds to its current downwards pressure in the near-term is critical for its near-term price action.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
Tweet123Share264ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Cardano Stands Out in Robinhood’s Top Movers List For The Week

Cardano Stands Out In Robinhood’s Top Movers List For The Week

11 hours ago
Solana NFT Trading Volume Declines Following y00ts Migration To Polygon

Solana NFT Trading Volume Declines Following y00ts Migration To Polygon

12 hours ago
ViaBTC|LTC Halving Preview: Will DOGE Mining Income Be Affected by It?

ViaBTC|LTC Halving Preview: Will DOGE Mining Income Be Affected by It?

13 hours ago
Monero

Monero Price Stagnates, How Soon Will It Cross This Obstacle?

1 day ago
Bitcoin

Bitcoin (BTC) To Tap Into $30,000 Region Before A Slow Down, Here’s Why

1 day ago
US To Sell 41,500 Bitcoin (BTC) In Four Batches, Crash Inevitable?

US To Sell 41,500 Bitcoin (BTC) In Four Batches, Crash Inevitable?

1 day ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • Ripple XRP Price Prediction 2023 – 2025 plus 5 Tokens...

    4 hours ago
  • Ethereum Price Prediction 2023 – Why This New Meme...

    8 hours ago
  • Discover Big Eyes Coin And Optimism As They Continue To...

    11 hours ago
  • Ethereum’s Shanghai Upgrade Goes Live April 12...

    11 hours ago
  • Metacade’s Presale Raises an Astounding $15.4m...

    12 hours ago

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 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.