Bitcoin Price Could Fall to $3,000 According to this Historically Correct Model

Bitcoin price could fall to $3,000 according to this historically correct model

Bitcoin price could likely fall to the $3,000 level as its short term trend is forming an Elliot Wave as prices remain stuck within the $6,800 range. Analysis of the trading patterns indicates that there is a likelihood of the digital asset turning bullish but these hopes are quite slim due to the low daily trade volumes. Evidently, the cryptocurrency’s price has stagnated over a considerably long period. This coupled with a dwindling interest in Bitcoin futures is an indicator for potential price nosedive according to analysts.

Analyst predicts Bitcoin is set for another bottom

The likelihood of Bitcoin setting a new bottom price seems to be high based on the asset’s current trading pattern and market behavior. According to a Twitter-based crypto analyst, Benjamin Blunts, there are multiple ways that one could evaluate the current Bitcoin market performance. The trader tweeted that the cryptocurrency can be viewed either as wxy, larger triangle or a larger flat. Each of these observations can be interpreted differently, but there was a commonality among them. Read More...