Analyst: Final Capitulation Could See Bitcoin at $1,800 Before Trend Reversal

Price predictions for Bitcoin have been coming thick and fast recently and some have been more accurate than others. One analyst still predicts a lot more pain for crypto assets and a final capitulation before things start to turn around.

Will History Repeat Itself For Bitcoin

Prominent technical analyst Murad Mahmudov, who has predicted correctly on a number of previous occasions, has taken a look at historical corrections and Bitcoin movements. Theorizing that a repeat of the 2014-2015 bear market could be a sign that Bitcoin trading is based on raw emotion, further losses are predicted.

Looking at the chart, and possible future movements, we could be at the beginning of what Murad describes as a final capitulation. In this rather bleak scenario Bitcoin will dump to a low of $1,800 by mid-Q2 and stay there until around the end of Q3 this year before starting to show signs of recovery.

The following chart in the tweet shows the 2014-2015 bear market and final dump as a comparison with the only difference being a ten-fold price increase this time around. These two points have been termed baby and final capitulations.

A previous chart posted back in November correctly predicted low $3,000s for Bitcoin and even more losses after that. Earlier this month Murad went on TV with his predictions of a bottom between $1,800 and $2,400 for Bitcoin this year. Just last week his analysis pointed out a huge wall of Titanium level resistance facing Bitcoin at $4,000. This turned out to be correct as Bitcoin turned south pretty rapidly at the end of last week.

Next Short Term Positions For Bitcoin

Over the past 24 hours Bitcoin has taken a third dump as it lost 3.2% falling from $3,670 to $3,550 before recovering a little. This has dropped it through key support at $3,600 and the next major zone is around $3,300, and back to mid-December lows.

Bitcoin is currently at the bottom of a trading range that extends back up to just over $4,000. eToros Mati Greenspan has confirmed this analysis stating It seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200.

Failure to hold this level or make gains from current prices could see Mahmudovs scenario start to play out as the final capitulation gathers momentum. Once Bitcoin falls through $3,000 the ride to the bottom will be very fast and very steep.


Image from Shutterstock

The post Analyst: Final Capitulation Could See Bitcoin at $1,800 Before Trend Reversal appeared first on NewsBTC.

14.01.2019 / 02:05 29
Analyst: Short-Term Correction Expected if Bitcoin Drops Below $3,600 Analyst: Short-Term Correction Expected
Following a week of slow but steady gains Bitcoin fell off the digital cliff again yesterday with a flash crash that wiped out all progress made so
Analyst: Bitcoin Facing a Wall of Resistance, Bears Could Return Analyst: Bitcoin Facing a Wall of
The recent rally from mid-Decembers bottom has been a positive sign for Bitcoin and its brethren but cryptocurrencies may not be out of the woods
Bitcoin Price Nearing Capitulation Moment: IG Market Analyst Bitcoin Price Nearing Capitulation
CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. Bitcoin is not far from a
Will History Repeat? Bitcoin Price Patterns Repeating Previous Market Cycle Will History Repeat? Bitcoin Price
Price predictions have been coming thick and fast over the past couple of weeks since crypto markets took their biggest dive in mid-November. Bitcoin
Are We There Yet? When Will Crypto Markets and Bitcoin Hit The Bottom Are We There Yet? When Will Crypto
When things go south in crypto land it happens fast, a digital avalanche sweeping away everything that stands in its path and blasting most of
Well Recover Just Like The Past, says veteran BTC Analyst Willy Woo Well Recover Just Like The Past, says
Willy Woo, a veteran digital currency analyst with a strong focus on Bitcoin (BTC), has correctly predicted BTC trends on two occasions as
Comments (0)
Add a comment
Comment on