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Home Cryptocurrency news Bitcoin

Gann Theory Suggests Bitcoin Price at “Do or Die” Moment, Important Pivot Ahead

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Gann Theory Suggests Bitcoin Price at “Do or Die” Moment, Important Pivot Ahead
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Bitcoin price continues to struggle to regain the bullish momentum it had during the parabolic climb above $10,000, but bears have also been unable to push the price of the leading crypto asset by market cap any lower, resulting in an impasse that is playing out in recent price action.

The indecision may have been easily predicted, using Gann theory – the practice of using mathematics, geometry, and time to predict price movements in stocks and other financial assets – according to one analyst’s “Gann chart.” The same chart also appears to suggest that Bitcoin price is at a critical “do or die” moment that will define the months to come.

Gann Charts Could Help Predict Bitcoin Price Targets, Timing, and More

In the early 1900s, long before digital currencies, trading bots, online trading, or advanced charting software, there was a legendary trader named William Delbert Gann. Gann used unorthodox techniques such as astrology, moon phases, key dates, and more, combined with ancient mathematics centered around geometry and the golden ratio.

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Related Reading | Crypto Trend Analyst: Bitcoin Price Rally Has Ended, Bottom December 2019? 

Gann was a polarizing figure, going down in history books as both a crook who peddled hoax-like theories that had little merit and as the greatest trader to ever live. Today, Gann’s theories are just as controversial, but still used by believers with success.

Found this old Gann chart from May 2018. Damn, last time I checked this one was around November. Do or die? ? $BTC pic.twitter.com/grKdtK3WG9

— Mitoshi Kaku ?‍? (@CryptoSays) August 9, 2019

One analyst, Mitoshi Kaku, whose analysis is often steeped in complex theories like those Gann taught, has resurfaced an “old Gann chart” the analyst had created in May 2018 – over a year prior. With updated Bitcoin price action from the rest of 2018 and 2019 thus far added to the chart, the Gann angles – which act as supports and resistances – are showing what looks like a “do or die” moment for Bitcoin.

Gann Pivots Suggest Big Move is Coming in King of Crypto

Gann theory suggests that the angles on a chart can help predict the time of certain movements. Gann called these “pivots.”

Related Reading | Bitcoin Price Weekly Close Above $11,500 Would Be First in Nearly 18 Months 

According to Kaku’s analysis, the next “Gann Pivot” occurs around August 11 and 12 – or this coming Sunday and Monday. The analyst also shared a look at how past Gann Pivot led to strong trend changes or powerful price reactions, giving credence to the theory.

Great bounce at $11460 and the support holding strong! Gann trend line update here too. Cautious on the daily close tho, price might be forming a potential "Bearish Harami" reversal candle pattern. ?SL will take care of that. meanwhile I'm keeping my longs. $BTC #Gann pic.twitter.com/upOHrztNXl

— Mitoshi Kaku ?‍? (@CryptoSays) August 8, 2019

Using Gann theory, Kaku also provided some important price targets to watch for. A break of $13,146, he says, will end “accumulation” and start the real bull phase. Below $9894, “bears take over.” This is all based on the “Gann Median Yearly,” which currently sits at $11,500.

$11,500 is also a critical weekly close and Bitcoin price level that hasn’t seen a weekly close since January 2018. If that important level is breached with strength with a weekly close, Bitcoin will be preparing its jets for its greatest bull run of all-time.

Tags: bitcoinbitcoin pricecryptoganngann theorytechnical analysisW. D.Gann
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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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