$BTC will die. It's just a matter of when. I expect that within the next year -- and potentially much sooner than that -- BTC will be trading under $4,000.
If it falls under what little support it has at $7,000, that would light the way for a very bearish trend. Both the weekly and the daily charts look pretty ugly. Lower highs and lower lows. Every time momentum gathers for a breakout, it fails to break through and falls further.
The trend for the past few months has been characterized by quick falls and lengthier periods of consolidation. BTCUSD started out the year with a period of low volatility before gathering steam in April and taking off in May.
Between May and June 27, BTC more than tripled -- gaining 152.59% in just two months. On the 27th, it dropped from over $13,000 to just over $10,000. A $3,000 fall in less than 24 hours. Subsequent attempts to gain the momentum for a sustained push upwards have failed -- the cryptocurrency is in a clear downward channel.
I'm anticipating this bearish trend to continue into next year. Bitcoin will die a long, slow death punctuated with surges of volatility of decreasing intensity and frequency. I expect BTC to be trading under $4,000 within the next 6-12 months.
If it falls under what little support it has at $7,000, that would light the way for a very bearish trend. Both the weekly and the daily charts look pretty ugly. Lower highs and lower lows. Every time momentum gathers for a breakout, it fails to break through and falls further.
The trend for the past few months has been characterized by quick falls and lengthier periods of consolidation. BTCUSD started out the year with a period of low volatility before gathering steam in April and taking off in May.
Between May and June 27, BTC more than tripled -- gaining 152.59% in just two months. On the 27th, it dropped from over $13,000 to just over $10,000. A $3,000 fall in less than 24 hours. Subsequent attempts to gain the momentum for a sustained push upwards have failed -- the cryptocurrency is in a clear downward channel.
I'm anticipating this bearish trend to continue into next year. Bitcoin will die a long, slow death punctuated with surges of volatility of decreasing intensity and frequency. I expect BTC to be trading under $4,000 within the next 6-12 months.
