Bitcoin (BTC) Sheds Nearly $1,000 in Minutes; What Could be Next?

Bitcoin (BTC) Sheds Nearly $1,000 in Minutes; What Could be Next?

Bitcoin Plunges to $12,400

No, Bitcoin bulls are not back in control, Bloomberg. In the past two hours, the leading cryptocurrency has shed a large portion of its week-to-date gains, falling to $12,200 as of the time of writing this.

It still isn’t clear what triggered this flash collapse, which comes shortly after BTC breached $13,000 and was poised to close some important short-term candles strong.

With Bitcoin down nearly $1,000 in minutes, what exactly is next for the cryptocurrency? Well, no one is actually 100% sure. And no one should be.

But, there are some theories currently being floated, which are rather preliminary and rudimentary in form due to the recency of the rapid Bitcoin flash crash. Analyst Crypto Birb points out that this sell-off candle looks much like the one on July 5th. What followed was two to three days of solid consolidation and ranging, then a breakout to the upside that led to BTC recently tapping $13,000. Considering that markets cannot go vertical, even cryptocurrency, another round of consolidation is entirely possible.

Others have simply stated that this is Bitcoin simply establishing a range, meaning that this drop shouldn’t be anything to write home about. Indeed, over the past three to four months, BTC has been subject to bouts of immense volatility, which have only been followed by more upside for those that are patient. As Alex Kruger quipped in a recent tweet, “in a bull market, market crashes are for buying.”

It is important to accentuate that this drop does not put Bitcoin back into bear territory, despite what some cynics and sensationalists may think. There are still a number of technical signs that show that BTC is surely in a bull market, not anything else.

As pointed out by analyst CL207, a little-known yet astute cryptocurrency commentator, BTC recently crossed above the 1.25 standard deviations above the 50-week simple moving average line.

This, per the historical chart seen below, has accurately predicted two previous parabolic bull runs and subsequent bearish sell-offs. So, if history is of any indication, Bitcoins foray past $10,000 may just be the early stages of a larger uptrend, whichsome analysts saywill bring BTC to $100,000 and beyond in the coming two years.

Even more convincing is the fact that the Super Guppy, an all-encompassing technical indicator that predicts trends, has flipped from red to green on Bitcoins three-day and one-week charts.

Title Image Courtesy of Andre Francois Mckenzie

The post Bitcoin (BTC) Sheds Nearly $1,000 in Minutes; What Could be Next? appeared first on Ethereum World News.

10.07.2019 / 09:30 20
Bitcoin Price Analysis: Can Bulls Gain Back Control Before July? Bitcoin Price Analysis: Can Bulls Gain
The recent Bitcoin price pull-back from the highs of $13,900 created a falling wedge pattern that appears to have already broken to the upside. The
Bitcoin Correction Looking Likely as BTC Drops $25 Billion in 10% Slide Bitcoin Correction Looking Likely as
The long awaited bitcoin correction could be beginning as the king of crypto drops over 10 percent from yesterdays high. A flash crash that wiped out
$2,000 Flash Crash: Bitcoin in Parabola, Real Correction Still Possible $2,000 Flash Crash: Bitcoin in
The past 24 hours for the Bitcoin price have been absolutely absurd. This morning, BTC found itself up by 20% on the day, trying to break past key
Bitcoin Collapse To $7,000 Resulted In Brutal “Technical Damage”, Warns Analyst Bitcoin Collapse To $7,000 Resulted In
Bitcoin May Fall Further Bitcoin (BTC) has just seen its craziest hour of price action since the weekend, during which the cryptocurrency market
Crypto Analyst: Bitcoin May Monthly Candle Close Confirms Bull Market or Accumulation Crypto Analyst: Bitcoin May Monthly
As Bitcoin price nears closer to important resistance at $6,000, its clear that the leading cryptocurrency by market cap is at an inflection point,
What Caused a Flash Crypto Crash to Wipe $15 Billion Out in Just Two Hours What Caused a Flash Crypto Crash to
FOMO Moments Markets are falling, altcoins getting hit hardest are EOS, Iota, Ontology, OmiseGo and Icon. That ongoing sideways ranging market has
Comments (0)
Add a comment
Comment on