Bitcoin (BTC) has continued to slip into Friday, falling to $11,200 as of the time of writing this. While the selling momentum has undoubtedly slowed, with bulls managing to push back bit by bit, many analysts are now short-term bearish, claiming that a move even further to the downside may just be imminent.
As Bravado’s lead analyst, Bitcoin Jack, points out, BTC topping at $14,000 late last month looks “awkwardly symmetrical” in structure to the 2017 top of $20,000 and the inverse chart of the bottom at $3,150 last December.
As seen below, this surely seems to be the case, with BTC’s price action matching up with key Fibonacci Retracement trends seen in the prior to extremes in the Bitcoin market. Just look at the charts below, which shows charts that look very similar, even from a quick glance. Jack notes that if the entire trend is to play out, meaning that if Bitcoin now acts as it did when it peaked at $20,000, it could fall even further, potentially to hit the $9,800 region for the second time.