• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Fractal: Bitcoin Price Likely to Hit $7,500 Before Rally to New Highs

Nick Chong by Nick Chong
1 year ago
in Bitcoin
Reading Time: 3min read
Bakkt Not Tipping Point for “Bitcoin Adoption”, CNBC Analysts Argue
Advertisement

Over the past 24 hours, Bitcoin and the broader cryptocurrency market have been crushed by bears. According to Coin360, the BTC price is trading at $8,500, 12% lower than the day prior.

While the selling pressure has just begun, leaving much left uncertain in the charts, analysts are convinced that Bitcoin will only see more pain in the coming days. You see, BTC is now sitting under an array of prominent technical supports — the descending triangle bottom, 21-week moving average, and $9,000 horizontal just to name a few.

Related Reading: Crypto Twitter Divided Over Bakkt; 50% Expect the Bitcoin Futures to “Flop”

But, one fractal from an analyst on TradingView is showing that this flash crash won’t cause lasting effects on Bitcoin’s market structure. In fact, it predicts that the cryptocurrency market may soon resume its long-term march to new all-time highs.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Price May Soon Recover

Tuesday was an absolutely jaw-dropping day for the cryptocurrency market. Over $550 million worth of Bitcoin long positions were liquidated on BitMEX as the cryptocurrency market cratered in the first volatile trading session in weeks.

According to a fractal analysis — a way of using previous bouts of price action to try and forecast Bitcoin’s future movements — published by CryptoBullet on September 20th, this volatility will continue. But, they suggest that this volatility may be in favor of bulls.

Related Reading: Bitcoin Need Accentuated as Negative-Yielding Debt Hits $17 Trillion

CryptoBullet noted that in 2017, Bitcoin, during the early stages of the previous bull run, found itself in a descending triangle that eventually broke down in a spectacular fashion. What’s crazy is that BTC started rallying as fast it plummeted just a few days later, eventually entering back into the triangle, then surging to new all-time highs.

Finally some common sense featured on the first page of Trading View.
I like this idea. pic.twitter.com/XxNRTSQT9p

— The Crypto Monk ⛩ (@thecryptomonk) September 22, 2019

What we saw over recent months and on Tuesday seems to be an eerie reenactment of this chart formation from mid-2017, but with Bitcoin at a different price and the with fundamental backdrop being arguably even more bullish.

The fractal, should it play it out in full, implies that by the end of this year, the Bitcoin price should be back on its way to fresh all-time highs.

Another analyst has corroborated this fractal and sentiment. Paris-based cryptocurrency trader Marvin Chebbi issued his own message on the fractal, seemingly agreeing with the idea proposed by CryptoBullet. In it, Chebbi referencing the same market event, which saw BTC lose the support of a descending triangle in 2017 to only break to fresh all-time highs just weeks later.

Chebbi, referencing the fractal, wrote:

“A break down of the descending triangle doesn’t necessarily mean the end of the bull market. We had a similar price action in June ’17 with some sort of descending triangle formation (lower highs+equal lows) that broke down, found support a bit lower, [then recovered.]”

Not in Clear Waters Just Yet

While this fractal likely has bulls over the moon, so to speak, Bitcoin’s chart is far from bullish. Prominent analyst Josh Rager suggested in a tweet of his own that Bitcoin could easily “head down to the low $7ks” should it fail to break above the current resistance of $8,800.

$BTC

If Bitcoin fails to break above the current level, we'll get another retest of the support below – which has bounced once and could hold

But if this isn't a bear trap I do see price heading down to low $7ks

Lots of buyer are waiting between $6180 & $6500 pic.twitter.com/vStTrGzSyr

— Josh Rager ? (@Josh_Rager) September 25, 2019

The technicals back further losses. While the one-day Relative Strength Index (RSI) is flashing “oversold”, the one-day MACD still has copious room on the downside to head lower.

Featured Image from Shutterstock
Tags: bitcoinfractalprice
TweetShare33
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

bitcoin gold ethereum mark cuban peter schiff

Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

9 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Price Outlook: Executive Sees BTC/USD At $60,000

20 hours ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

2 days ago
bitcoin miner btc bullish

Bullish Bitcoin Miners Cease Selling For The First Time Since 2020

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bulls Go Ballistic On Twitter’s $1.25bn Convertible Note Offering

3 days ago
Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Silicon Valley-Based Taraxa Wants to Put Every Informal Transaction on the Record, Unveils Details About the Upcoming Public Sale

March 4, 2021

First-Ever Public Tron-based Smart Contract

March 3, 2021

ECOMI to List OMI Tokens with BitMax

March 3, 2021

Newsletter Signup


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.

COMPANY

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

Technical Analysis

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

LINKS

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 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.