A different day, a different grim piece of analysis. A well known analyst claims that as Bitcoin (BTC) has yet to break out of its current range, there’s a growing potential that the cryptocurrency could fractal, and go through a drop that looks much like that observed in November of last year.
Once Again, Bitcoin Could Fall To New Lows
Financial Survivalism, an ambitious analyst centered around Bitcoin, just recently took to Twitter to release a harrowing comment. He noted that the longer than BTC fails to vault a long-term waning trendline at ~$4,600, the much higher likelihood that the cryptocurrency’s price could “mimic the price action from September 20th to November 25th of last year.
The longer we stay stuck in this range the more I feel like we will mirror the price action from September 20, 2018 – November 25, 2018. This is what that would look like. $BTC #Bitcoin pic.twitter.com/oaR7VTA4dk
— Financial Survivalism (@Sawcruhteez) March 2, 2019
Per the expert, this would imply that BTC might trade flat for another two to three months, prior to falling drastically to the $800 price point. This, naturally, is a worst-case situation, but Survivalism does allude to an asset about market cycles and behavioral finance.
Interestingly, this isn’t the first time that Survivalism has been overtly bearish. In a variety of previous posts, the previous insurance coverage representative noted that if BTC is following a Hyperwave pattern, which is mostly applied to bubbles like crypto, Dotcom, and so on, the asset could ultimately review where it peaked in the 2014/2015 market cycle. Survivalism argues that this point is around $1,200, but would set the stage for another parabolic rally ultimately.
Still Bullish On Crypto
While the expert seems to be encouraged that BTC will establish lower lows in the medium-term, he is still rather bullish on both the brief and long-term. In his latest market update, posted on TradingView for free, Survivalism accentuated his preferred set of technical indicators and how they read at existing. BTC in relation to CME/CBOE futures presently has a 0.68% spread, while the variety of sell-side futures is showing indications of breaking down, possibly in a market-wide short squeeze.
The TD sequential, utilized mostly to track trends, has actually turned bullish, as Bitcoin holds above its Ichimoku Cloud. As the Relative Strength Index reads sub-50, BTC remains above its short-term moving averages, and the Stochastic Oscillator simply released weekly and regular monthly purchasing signals, Survivalism argued this verifies that there’s a possibility that the flagship cryptocurrency might move higher in the short-term.
For the long haul, Survivalism seems to be to be almost convinced that the U.S. economy and macroeconomy will begin to buckle under the weight of its debt and other fiscal shortcomings, most likely setting a stage for the development of a Bitcoin standard or a system of similar caliber. The full-time trader isn’t the only very much convinced that a financial revolution is on the horizon. Travis Kling of Steven Cohen’s Point72, as an example, has begun to claim that the Federal Reserve’s enamorment with printing money will most likely end in tragedy. But as to when that will happen, he was reluctant to say.
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