The purpose of this idea is not to spread FUD, but merely to share an interesting idea for discussion and to help us all attain a broader perspective and appreciation of the future possibilities.
Comparing BTC price crash of 2018 to the recent crash 2 months ago, we can see many interesting similarities.
Following the price crash from ATH in Dec 2018, BTC recovered to the 382 level, dipped to 236, then retested 382 resistance level, and failed. The entire process took 2.5 months to complete.
This is exactly what we have facing us in the coming days. It is now almost 2.5 months since the crash from 64k ATH and we are approaching the 382 retest very soon.
Obviously, I dont have crystal ball and cannot predict what happens from this point. But we can draw some lessons from history.
If we breakthrough the 382 test, then we should expect price to drive towards the 618 line of 51k.
However, if the 382 test is rejected, we can expect price to fall towards the local bottom of 30k.
BUT thats not the end of the story, is it? If we consider the bigger picture of 2018, the bottom kept falling out before recovery began in 2019. If we draw the fibonacci table from ATH 19k to the true bottom of 3.1k. We discover that the local bottom of 6.9k is the 236 level in the bigger picture. Applying the same reasoning to current times, a rough estimate of just how low BTC can go sits at about 20k.
I am not suggesting we will get there. But, just be prepared and don't be surprised if 20k comes.
Comparing BTC price crash of 2018 to the recent crash 2 months ago, we can see many interesting similarities.
Following the price crash from ATH in Dec 2018, BTC recovered to the 382 level, dipped to 236, then retested 382 resistance level, and failed. The entire process took 2.5 months to complete.
This is exactly what we have facing us in the coming days. It is now almost 2.5 months since the crash from 64k ATH and we are approaching the 382 retest very soon.
Obviously, I dont have crystal ball and cannot predict what happens from this point. But we can draw some lessons from history.
If we breakthrough the 382 test, then we should expect price to drive towards the 618 line of 51k.
However, if the 382 test is rejected, we can expect price to fall towards the local bottom of 30k.
BUT thats not the end of the story, is it? If we consider the bigger picture of 2018, the bottom kept falling out before recovery began in 2019. If we draw the fibonacci table from ATH 19k to the true bottom of 3.1k. We discover that the local bottom of 6.9k is the 236 level in the bigger picture. Applying the same reasoning to current times, a rough estimate of just how low BTC can go sits at about 20k.
I am not suggesting we will get there. But, just be prepared and don't be surprised if 20k comes.