Since January, the Bitcoin remains in a fairly narrow trading channel below 4000 dollars. This period is similar to a similar movement of cryptocurrencies from September to November — then Bitcoin is also experiencing low volatility and went from 6,100 to 6,700 dollars.
After the fall of the float there was a sharp dump, and then BTC has lost 50 percent of its value in just a few days. Given the similar patterns on a long-term chart, such a scenario may occur in the future that will lead to yet another fall of Bitcoin. This time the new goal is $ 1,000.
Bottom not yet in sight
To compare historical price movements of the asset you can only search for General laws, history is not always develops in the same “trail”. Trader under the name Financial Survivalism noted the long-term channel on the chart of Bitcoin, a breakthrough which can be considered the beginning of the end of the bearish trend.
Usually during previous cycles fall main cryptocurrency was not lower than 85 percent. Maybe this time the bears also limited to the current market price and will gradually withdraw from the market. A cryptanalyst under the name Hsaka believes that Bitcoin will have time to recover from such a strong downtrend.
We will remind, earlier Board member of NYSE Jeff Sprecher said publicly about the huge resistance of Bitcoin before any adversity.
It just so happens that Bitcoin has experienced a huge amount of trouble. You can argue and point out thousands of tokens, which are supposedly better than Bitcoin, but so far none of them survived the main cryptocurrency. It is still evolving and thriving.
Bullrun for the new BTC will have to overcome some important levels of resistance or at least to gain a foothold above $ 4,000.