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Home Cryptocurrency news Bitcoin

Crypto Analyst: Last Leg Down for Bitcoin Correction Coming This Week

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Crypto Analyst: Last Leg Down for Bitcoin Correction Coming This Week
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Bitcoin price has been consolidating for what feels like ages now. After Bitcoin’s parabolic run-up, the leading crypto asset by market cap was rejected at $13,800 – just before it could break through the final bear market resistance.

And while Bitcoin is most definitely laying the foundation for its next big bull run, one crypto analyst expects the final leg down of Bitcoin’s short-term correction to come this week, and finally leave the current trading range that Bitcoin has been trapped in now for over two months.

Crypto Analyst Expects Move to $7-8K Range This Week

Asset prices cannot go up in a straight line, and while Bitcoin often likes to challenge that theory, the times it does go parabolic typically leads to a correction.

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Related Reading | Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear

This latest rally Bitcoin has been on since the start of April also went parabolic, yet not to the same degree as the rally to the previous all-time high of $20,000. But still, parabolic rallies tend to correct and correct hard.

Thus far, Bitcoin has corrected over 30% – a common figure during the last bull run, but most expect Bitcoin to correct further before it resumes on its way to retesting highs and setting new ones.

One crypto analyst expects more correction ahead and believes that the “last leg down” is coming this week. 

I believe we will see the last leg down we have been waiting for within 1 week. Expecting a move into GREEN that will be bought up almost instantly, leaving a nice long downside wick on the weekly. Within 2 weeks, we will be well on our way to 14k+. Keeping it simple. $BTC pic.twitter.com/hC0jlXphvg

— Credible Crypto (@CredibleCrypto) August 26, 2019

After Correction, Bull Run Resumes, BTC Breaks Above $14K

The same crypto analyst has downside targets of between $7,500 to $9,000, which would fall in line with what most other analysts believe is a high area of interest where a lot of buyers are waiting to snag up cheaper Bitcoin in a haste.

Also, in that trading range, is a CME Futures gap that’s been oft-cited as a place that Bitcoin price might return to “fill” the gap.

Related Reading | Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump 

In financial markets,”filling the gap” is a process in which an asset returns to previous price levels where a void in a chart has formed, due to the price of the asset rapid growing or falling while trading sessions are offline. When trading resumes, the price of the asset is far lower or higher than it was at close, leaving an unfilled gap.

CME Futures trading closes on Fridays, often leaving gaps when Bitcoin price rises or drops significantly over the weekend.

As for upside targets, CME Futures gaps may also provide a hint as to where we’ll go after the lower gap is filled. Two gaps at $18,500, and $17,700 exist, and the proximity to Bitcoin’s previous all-time high, could suggest that these gaps will be the last stop for Bitcoin price before it retests $20,000 and sets a new record for the crypto asset.

Tags: bitcoinbitcoin priceCME futurescorrectioncryptogapsrally
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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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