Bitcoin News Today – Headlines for October 16

  • Bitcoin (BTC) Is At Risk of Retesting Initial Bear Markets Lows
  • Bitcoin Lacks Bullish Sentiments at the Moment

Bitcoin News Today – Since the closure of the parabolic rally this year, Bitcoin (BTC) has been trading in a large, multi-month descending triangle pattern that just broke down after extensive consolidation. The breakdown has caused Bitcoin (BTC) to form a bear flag, according to a prominent digital currency analyst. According to the analyst, Bitcoin looks poised to continue its downward movement. He said that the digital currency might plunge to as low as it was back in February last year when the digital currency bear market first got underway.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$9,549.46
-2.12%

Bitcoin (BTC) Is At Risk of Retesting Initial Bear Markets Lows

Bitcoin (BTC) tested its all-time high in December 2017 at about $20k. Since then, the price of the digital currency has plunged by about 70 percent, forming a V-shaped low around the $5,800 level in February last year. This happened just two months after the digital currency tested its all-time high, underscoring how volatile the digital currency is.

Bitcoin is currently trading in a bear flag. If the digital currency continues trading in its newly formed downtrend, the levels it tested in February last year could be its next stop. The price of Bitcoin (BTC) would return to that same low in 2018 if it does not break out of this downtrend.

Bitcoin Lacks Bullish Sentiments at the Moment

A prominent digital currency analyst pointed out that there are not any bullish sentiments for Bitcoin (BTC) at all in the price charts of the digital currency. This is after a breakdown from a four-month structure into a bear flag. According to the analyst, considering the present chart formations and the price action of Bitcoin (BTC), the digital currency would inevitably set fresh local lows. He added that the digital currency could revisit the abovementioned February 2018 low.

If it reaches that low, a bottom of the present correction might finally be set in, and BTC could return to its parabolic rally and bull run. This would lead to the forthcoming Bitcoin halving in May next year. Many analysts believe that the price of the world’s largest digital currency by market cap could test a new all-time of $55k prior to its forthcoming halving, according to the highly-cited Bitcoin stock-to-flow model. That would be an increase of about 1000 percent from its current levels.

Such a gain is highly unlikely to occur in most asset classes. Nevertheless, the price of Bitcoin (BTC) can surge and plunge substantially in a short time frame. This means that anything is possible.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.