- Bitcoin To Fall By 25% In Coming Weeks – Fractal Prediction
- BTC Hash Ribbons Flashed ‘Bearish’
- Bitcoin Struggles to Maintain Short Term Volumes
Bitcoin News Today – the price of bitcoin is moving without reason or rhyme as it has recorded collapse by double digits and rallied as well. It is filled with fractals at this time. Fractals occur when the price of a digital asset is seen at a different time. It is a form of technical analysis which is not very popular. An accurate fractal has brought new information to light as it suggests that the crypto market will continue to trade in the red zone
BTC price expected to drop by 25%
The fractal also suggests that Bitcoin will experience a 25% drop in value in a few weeks. It also predicts that it will return to the trading point presently at the start of the new year.
Nebraskan Gooner, a popular crypto trader has tracked the fractal of Bitcoin for a few months. He has traced it since the bull run and following the bear market of 2014/15. From his findings, the recent price action of BTC as well as the 42% jump last month can be seen. If this fractal gets a stronger grip then the crypto will dip to $6,700. This represents a 25% drop from the current price level.
According to this fractal:
1. Dip to $8,250 area.
2. Bounce to $8,600 area.
3. Dip to $6,700 area.
I'm not trading based off this fractal but it's been following along almost exactly since I started watching it in September. pic.twitter.com/QirnnHZUB8
— NebraskanGooner📈 (@nebraskangooner) November 15, 2019
Hash ribbons are also flashing bearish
From previous reports, the fractal isn’t the only indicator of a drop in price. The Hash Ribbons are also seeing a bearish crossover. The last time, a bearish crossover was seen, BTC price broke down from $6,000. Bitcoin bull Preston Pysh tweeted a chart that shows the importance of miners capitulating. It was responsible for the crash from $6,000 to $3,000.
— Preston Pysh (@PrestonPysh) November 14, 2019
if history repeats itself, then the coin with the largest market cap could tumble by 50%. The timeline of this event is in about six weeks. This is even more possible as miners begin to pull their machines from operations and sell their stashes to make ends meet.
Another possible reason for a crash could be the drop in volumes. Bitcoin’s network’s metrics have not been impressive in recent times. Bytetree, cryptocurrency analytics startup noted this and reported that BTC network was struggling to retain short term volumes. Presently, it is back to 12 Wks average of about $2Bn daily. The startup also stated that the market health signal is still in bear mode.
They warned that the long term transaction volumes are on the decline but velocity is still stuck below 600%. The short term NVT is signaling caution.