Bitcoin (BTC) has been on a roller coaster ride, relentlessly declining over the past 24 hours, down 5% as of the time of writing. The cryptocurrency is down roughly 36% from its all-time high reached in mid-December, and its market cap has fallen from roughly $140 billion to roughly $70 billion at press time. The downward slide has come after a lackluster performance from the cryptocurrency in the past two weeks.
Bitcoin’s recent price explosion has made many cryptocurrency enthusiasts consider the possibility that key resistance levels could be broken. Coinbase founder Fred Ehrsam said that while the bear market is over, he believes that the next bull run could be even more exciting, perhaps as high as $40,000.
This week, the founder and CEO of cryptocurrency research firm Magnr, Clem Chambers, told CNBC that he believes BTC could fall to $7,000 in 2018. The reason is that bitcoin’s volatility remains at extreme highs. Chambers explains that BTC’s gains are not sustainable in the long term.. Read more about will cryptocurrency crash and let us know what you think.
- Bitcoin (BTC), the world’s most valuable cryptocurrency, may fall below $10,000.
- With a 4 year halvening cycle, BTC soared like a rocket and is now rocking.
- During the capitulation phase, BTC may go as low as $7,000.
“The cryptocurrency behemoth Bitcoin (BTC) may plummet as high as $10,000,” Clem Chamber, CEO of ADVFN, a worldwide financial investment intelligence company, said. The situation is only going to deteriorate.”
BTC soared like a rocket and rocks with a 4 year halvening cycle, according to Chamber in a recent YouTube interview with Stansberry Research. He did remark, though, that the price of BTC rose like a rocket and then fell like a rock, repeating the trend. Furthermore, the same pattern is generated owing to the same audience and the same driver.
Furthermore, he said that during the capitulation period, BTC may go as low as $7,000. It will, however, not remain in this price bracket for long. Furthermore, he said that the crypto winter has arrived, but that it is an opportunity to collect additional bitcoins.
He also highlighted that Elon Musk’s comments and China’s restrictions were distracting, and he believes the market moves for technical reasons.
Prior, Scott Minerd, the Chief Investment Officer of Guggenheim Partners, stated in a recent interview with CNBC that he is a crypto fan. He also said that Bitcoin’s real bottom was $10,000. Furthermore, he says, the market would only return to a bull market after many years of consolidation. People who want to invest in Bitcoin, on the other hand, should not hurry.
The Wyckoff Theory of BTC
At the time of writing, the BTC price was $35.6k, with a 24-hour trading volume of $24,565,669,099, according to CoinGecko.
Price of Bitcoin in US Dollars (BTC/USDT) (Source: TradingView)
Wyckoff created a market theory known as price action, which is still extensively employed in trading today. The price cycle of a traded item comprises four stages, according to the Wyckoff method: accumulation, markup, distribution, and markdown.
Phase of Accumulation: A range price structure explains the accumulation process on the chart. Bulls are steadily gaining strength, and as a consequence, they are in a position to push prices upward. The price movement on the chart is flat, despite the fact that the Accumulation stage is linked with the bulls taking control.
Bulls gain enough impetus to push the price beyond the range’s upper boundary during the markup phase. This indicates that the price has reached the second stage and is forming a bullish price pattern on the chart.
The third step of the theory is the distribution phase. During this period, the bears aim to regain control of the market. The price movement on the chart is flat at this moment, as it was throughout the Accumulation phase. One sign that the market is in the Distribution stage is a prolonged inability of price to build higher bottoms on the chart. As a consequence of the price action, lower tops are formed, suggesting that the market is presently in a selloff.
Markdown Phase: As a downturn starts, the Markdown phase begins after the Distribution phase. It indicates that the bears have the financial clout to drive the market down. When the price falls below the lower level of the horizontal distribution channel’s flat range on the chart, the markdown is verified.
Furthermore, the BTC is presently in a phase of accumulation. This suggests that the days ahead will be more bearish.
You’ve been recommended
This article broadly covered the following related topics:
- jeff brown investor
- jeff brown investing predictions
- jeff brown silicon valley
- bonner and partners bitcoin
- jeff brown silicon valley investor