Why bitcoin's price could crash soon by 20%? - page 2.

The Sceptical Chymist

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Quote from: Myfe on January 26, 2020, 01:01:41 PM

20% swings are the norm, not the exception.

I wouldn't exactly say those are the norm, but I know what you mean. They're sort of to be expected and aren't something to panic about, and if you've been watching bitcoin for long enough--or have owned it long enough--those kind of price swings shouldn't shock you.

Bitcoin definitely could crash by 20% or more, but I'd expect that after a big rise, sort of like we saw in the summer of last year. Anyway, this prediction is about as good as the rest of them--useless IMO and not something I'm going to act on. I don't think I've bought or sold bitcoin or anything else based on someone's prediction. They're almost entertainment more so than anything else.

Shimmiry

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Even those fractals and downtrend wouldn't scare nor be alarming to the cryptocurrency investors. It would be somehow an opporunity if ever it would crash much lower. Why? If ever those would happen, altcoins would take the stage and gain good and pumping market in which also a time for selling those altcoins that others have holded for several years of altcoins' ugly market. Also, having Bitcoin at its lowest can also be another expectation that it will rise (as per my reading in its price history).

palle11

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To me, fractal is not an indicator to be a strong controlling one to decide what will happen in the future. Fractal repaints itself and succumb to presume and leaves a particular spot and moves over to another available place to appear. This is a delay indicator.

Myfe

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This article isn't as informative or profound as you're making it out to be. They cite (literally) "TOP BITCOIN ANALYSTS" as one of their sources.

Here's the TL:DR for everyone else.

The decline prediction is based on basic technical price movement analysis. With the current decline we've dropped to the price point of the most second most recent peak. That peak is called the resistance point. Traders will pause when the price hits that level and then the price will bounce back up or it'll break through the resistance - technical analysis can't predict which way it'll go. If we break through this resistance level we could fall to the next resistance level at $6,400.

There's nothing unique about this prediction, every week we could make the same - going up 10-20% or going doing 10-20% claim. It speaks to the volatility of bitcoin, i.e., 20% swings are the norm, not the exception.

It is nice to see a negative price prediction post though!

Anora2020

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I read a website column the details on how could you projected market price of Bitcoin I don't think no one can projected the movement of the market price read accordingly..
This Eerie Fractal Shows Why Bitcoin’s Price Could Soon Crash By 20% https://www.newsbtc.com/2020/01/25/eerie-fractal-bitcoin-price-tumble-10-percent-maybe-more/

Since Bitcoin broken out downtrend rallying by 12% since the price 6400$ bottom registered in December. Although bullish price action have noted that the breakout is reminiscent. When after president xi jinping endorsement of blockchain sent Bitcoin 40% higher on October. And the Bitcoin price last year preceded a strong crash from 8700$ to 6400$ in a few weeks time, marking a drop of 27%.
Bitcoin price is very volatile that can change faster it is because of the popularity of the coin that more people buying so more demand and less of supply can change the market price more faster than ever.

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