While we may have access to a data of more than 6 years, some analysts with a bearish bias base analyses on data from 2014 onwards. There are three categories of such analysts. One that comprises of permabears (permanent bears) who believe Bitcoin (BTC) is headed to zero. Another category comprises of opportunity bears (bears with vested interests) who want to create fear and uncertainty in the market. This group of analysts and traders usually analyze charts on lower time frames like 60 minutes or 4 hours and with those charts of lower time frame, they make predictions for the entire year! This category of bears expects the price to come down so they can buy, but they do not have a long term bearish bias. The third group of analysts with bearish bias is the ones who base their analyses on facts and figures. This is the group whose ideas we are interested in discussing.
The above chart shows a 2014 style bearish scenario. Some analysts try to draw lines up to $6,000 or $7,000 because that is where they want it to come down. Others draw a line to $4,000 expecting it to just fall straight to $4,000 and then quickly take off from there. That's what they want and they are mistaken. The market doesn't care about your wants. If a bearish scenario is to hold, it will be followed completely, all the way. This would mean that Bitcoin (BTC) reached a high of $20,000 in January 2018 and is now just getting started to complete a 2 years correction which will drive the price down to $4,000 to complete an 80% correction like it did after 2014 when the price fell from a high of $1,000 to a low of $200. It also means that Bitcoin (BTC) will continue going down till 2022 to reach that $4,000 target, despite all the positive developments in the cryptocurrency markets and blockchain industry.
So, if a 2014 style scenario is to follow, it will have to complete the cycle and not just make a mid air trend change. In all fairness, that does not seem likely given the progress that blockchain technology has made over the past few years. Besides, the price already had a major correction. To expect it to go further down and to continue to stay down till 2022 despite all that is going on in the cryptocurrency space makes little to no sense. However, in case the above analysis does hold true and Bitcoin (BTC) undergoes a correction to reach $4,000 by the end of 2022, Bitcoin (BTC) will start a bullish recovery from there, even according to this bearish view which makes you wonder what all this fear and uncertainty is about. Last but not the least, post 2014 was about Mt. Gox. This is another strong argument why it may not repeat.
Read Further: cryptodaily.co.uk/20...harts-dont-want-see/
The above chart shows a 2014 style bearish scenario. Some analysts try to draw lines up to $6,000 or $7,000 because that is where they want it to come down. Others draw a line to $4,000 expecting it to just fall straight to $4,000 and then quickly take off from there. That's what they want and they are mistaken. The market doesn't care about your wants. If a bearish scenario is to hold, it will be followed completely, all the way. This would mean that Bitcoin (BTC) reached a high of $20,000 in January 2018 and is now just getting started to complete a 2 years correction which will drive the price down to $4,000 to complete an 80% correction like it did after 2014 when the price fell from a high of $1,000 to a low of $200. It also means that Bitcoin (BTC) will continue going down till 2022 to reach that $4,000 target, despite all the positive developments in the cryptocurrency markets and blockchain industry.
So, if a 2014 style scenario is to follow, it will have to complete the cycle and not just make a mid air trend change. In all fairness, that does not seem likely given the progress that blockchain technology has made over the past few years. Besides, the price already had a major correction. To expect it to go further down and to continue to stay down till 2022 despite all that is going on in the cryptocurrency space makes little to no sense. However, in case the above analysis does hold true and Bitcoin (BTC) undergoes a correction to reach $4,000 by the end of 2022, Bitcoin (BTC) will start a bullish recovery from there, even according to this bearish view which makes you wonder what all this fear and uncertainty is about. Last but not the least, post 2014 was about Mt. Gox. This is another strong argument why it may not repeat.
Read Further: cryptodaily.co.uk/20...harts-dont-want-see/
Comment:
Interesting development. Bitcoin just formed HL on Dail Chart Breaking the Downtrend. Meanwhile, BTCUSDShorts just broke support line by closing below it on the Daily Chart. You know what's next. Bears should be running scared now.
