HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

“All-Knowing” Bitcoin Fractal That Predicted Drop to $6,600: BTC to Fall 20%

Bitcoin 2019/11/30 19:00 by Nick Chong

Bitcoin’s precipitous drop to $6,600 seen earlier this month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life. Few predicted the subsequent bounce to $7,800, where BTC sits as of the time of writing this, too.

Though, one trader has been calling the moves all along, using a lesser-known and slightly unorthodox method of analysis to predict the directionality of the Bitcoin and cryptocurrency market.

Related Reading: Make or Break: Bitcoin Price Closing In On Key Monthly Support Level

Bitcoin Fractal Implies Impending Doom

Over the past few months, a popular trader on Twitter, NebraskanGooner, has been touting what is known as a “fractal” via his social media pages.

A quick aside for those unaware of what a fractal is: a fractal, in financial markets, is when the historical price pattern or direction of an asset is reflected/seen again on a different time frame and/or for a different asset. While some analysts see them as pure coincidences, analyses have found that fractals can work well for Bitcoin and other cryptocurrencies, potentially due to the inherent cyclicity of this market.

Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”

Nebraskan’s fractal has been extremely accurate over the past few weeks. In fact, it predicted Bitcoin’s dramatic price drop to $6,600 weeks before it took place, and the subsequent recovery to nearly $8,000 seen over the past few days.

The same fractal, which is an overlay of one of Bitcoin’s previous market cycles, suggests that Bitcoin’s trend line breakdown retest, which took place in the previous market cycle that is being fractaled, is complete, implying that BTC has found a local top at $7,800. Should the fractal continue to play out, BTC will head towards the $6,200-$6,300 region in the coming two-odd weeks, which would mark a drop of 20%.

What’s interesting is that the drop has already started to take place. As of the time of me updating this piece, the leading cryptocurrency has slipped to $7,400, putting in a local top right where the fractal said that a top would be put in.

Related Reading: Altcoin Returns to ICO Price After 11,100% Run: Bitcoin Dominates Crypto Market
Featured Image from Shutterstock

The post “All-Knowing” Bitcoin Fractal That Predicted Drop to $6,600: BTC to Fall 20% appeared first on NewsBTC.

0 Like(s)



You should also read...

Bitcoin 16/11/19 21:30 by Nick Chong
Is Bitcoin’s Long-Term Price Uptrend Intact? Research Firm Says So
Bitcoin (BTC) hasn’t been doing all too hot over the past five months. Since June, the leading cryptocurrency has cratered by almost 50%, collapsing from a year-to-date high of $14,000 to $8,500...
Read More
Bitcoin 28/11/19 13:00 by Nick Chong
Bitcoin Bull Case Builds as Price Holds $7,500 Range; What’s Next?
On Wednesday morning, it seemed as though things were about to go south for the Bitcoin market yet again. For those who missed the memo, notable Korean cryptocurrency exchange Upbit revealed that it h...
Read More
Bitcoin 01/12/19 09:26 by Nick Chong
Despite 15% Bounce, Bitcoin Price Still Bearish on Weekly: Analyst
After hitting $6,600, Bitcoin (BTC) saw a strong price bounce, returning to $7,800 just yesterday. Though, analysts have asserted that the cryptocurrency market remains in a weak state, despite the ne...
Read More
Mining 15/12/19 00:00 by Nick Chong
What Miner Capitulation? Bitcoin Miners Confident in Price Prospects
If you have perused Bitcoin and Crypto Twitter at all over the past few weeks, you’ve likely seen the term “miner capitulation” mentioned again and again. You see, over the past few months, the ...
Read More
Mining 15/12/19 01:00 by Nick Chong
What Miner Capitulation? Bitcoin Miners Confident in Price Prospects
If you have perused Bitcoin and Crypto Twitter at all over the past few weeks, you’ve likely seen the term “miner capitulation” mentioned again and again. You see, over the past few months, the ...
Read More