bitcoin price Saw the worst higher time frame correction in years, a sharp drop of 50% and fear across the market.
Changes in sentiment have left everyone speculating as to where the bearish cryptocurrency might fall now, but as in previous cycles, it could get much worse before it gets better. Here’s More About Why Bitcoin Price Could Drop Towards $14K Earlier Bear The phase has ended.
Bitcoin Yearly Candle Turns Bearish, But What About Bull Markets?
The arguments are all the same: if he topped bitcoin It was the shortest and weakest bull market ever. The cryptocurrency may have fallen short of expectations by hundreds of thousands of dollars.
That thought alone can result in some extremely bearish feelings – even more negative. What’s going on in the market right now.
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As below there are calls for $20K BTC, which will be 50% more from here. Another major drop is unlikely given the asset’s potential, but “highly speculative“The asset bitcoin is extremely volatile.
That volatility could result in a full retracement return to $14K.
The yearly candle never touched the previous support level | Source: BLX on TradingView.com
Why BTC Can Be Taken Back to $14K Per coin this year
Monthly time frame is even more impressive, and there is a bearish Evening Star Reversal Pattern Now confirmed on the monthly chart. Even further away, things could be even more bearish.
Small yearly candle and only upwards big wick unlike any other yearly bitcoin price candle before it. The candle is currently bearish, but the yearly chart could say more.
In the past, the yearly candle always comes back to retest the previous yearly close to follow a breakout. as a result of a bear market. This has happened in the last two bull markets, but it has not happened during the current bull market. This time is clearly different from now on, but will it stay that way?
The same chart on weekly timeframes makes the picture clear | Source: BLX on TradingView.com
If bitcoin price bounces back before prior annual open bear market started, this would take the leading cryptocurrency back by market cap to $14K, which would be a retrace of about 78%.
78% is important for several reasons. For one, it’s less than the 80%+ parabolic curve retracement requirements, so it’s not quite there yet. Bear Market by BTC standards.
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78.6% have a key Fibonacci Retracement Levels. Bitcoin price is already back at the 50% mark, with a 61.8% middle ground which can also act as a stopping point.
Finally, 78% Will closely match the 2013 retrace Crypto investors should be repeat optimistic. If it does, the final phase of the bull market could be the first to go into more detail. Bear There is market.
Featured image from iStock Photo, Charts from TradingView.com