Fib time analysis has captured beautifully recent swing highs/lows, suggesting 20th March to be a key date.
If we re-enter the downward channel from ATH, this will be extremely bearish.
The Mt Gox trustee has only sold 35k of 166k BTC he holds - so further dumps WILL happen - we just don't know when. This fact alone, once widely understood, could cause the price to tank, regardless of whether any further sell off's actually occur.
Total Market Cap is falling as investors and HODLERS get increasingly nervous about the future.
Taking a step back and looking at the chart objectively, it is patently clear that Bitcoin has followed the bubble paradigm perfectly and as such, further deeper lows should be expected. How low? Hopefully not to $700.
Trade ist aktiv
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Brace yourselves... is BTC about to fall into the abyss?!!
I mean nothings impossible in crypto, but $700 in 12 DAYS? That's a crazy claim. I wouldn't mind though... cheap coins are always great.
matt8932
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@strumz, oh it's crazy alright but as you say, this is crypto. Do I think this scenario could genuinely play out in that timescale? I'd say there's a 30% chance. But I'd say it's now a certainty that a deep swing low will be upon us very soon
strumz
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@matt8932, you're probably right with the deep swing. I (personally!) think that $8800 (0.5 fib drawn from 6k to 11.8k) will happen 100%, 8k maybe but I don't see BTC falling below 7k. But I will come back and congratulate you when we see sub 1k prices! ;-)
matt8932
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@strumz, I genuinely don't want to be right on this. If it plummeted to those levels, I think it would be a decade before BTC reached a new ATH, if at all.