Analysts believe Bitcoin is on its way to $7,600 as bear market fractal continues to unfold in 2018! This will also effect cloud mining. Bitcoin and the aggregated crypto markets have recently been under significant selling pressure, pushing the Bitcoin price below $10,000. And this has put the recent rise in the crypto currency into serious jeopardy.
Analysts are now finding that a similar fractal pattern is developing as in the course of the 2018 bear market, which could mean that BTC is moving towards $7,600 in the near future. If you are getting paid in Bitcoin, make sure you are aware of this!
Bitcoin Falls Below $10,000 as BTC Bears Show Significant Strength
At the time of writing, Bitcoin was trading at $9,950, well below its daily high of almost $10,400.
- This surge in negative price action was first triggered last week when BTC rose sharply to highs of $11,000 before being quickly rejected and sinking towards the current price level.
- Importantly, this bearish price action signals that bulls, despite the attempt to push Bitcoin above $11,000, do not currently have significant strength.
- This could lead to difficulties for the crypto currency in the coming days and weeks as it continues to form lower lows.
Popular crypto currency analyst Josh Rager now talked on Twitter about Bitcoin’s bearish price action and explained that the crypto dad could concentrate on $8,975 next if selling pressure continues to increase.
$BTC appears to be creating lower highs and lows on the daily chart. The open and support areas on the weekly chart are marked, with the previous support possibly turning into resistance. If confirmed, I observe the following weekly support at $8975 as a possible target, he writes.
The 2018 bearish BTC fractal could expand
It is also possible that Bitcoin is currently validating a similar fractal pattern to that formed in the 2018 bear market. This could mean that its price will next reach $7,600.
- Chonis Trading, another popular cryptoanalyst, wrote on Twitter about this possibility and explained that this fractal pattern could lower the Bitcoin price to $7,600 in the near future.
- “$BTC – If the 2018 ‘fractal’ bear market continues to develop in an obviously similar pattern to today’s, #bitcoin is on its way to 8th place,” he explained, referring to the chart below.
Although it is still unclear whether this pattern will actually be confirmed in the coming days and weeks or not, it seems fairly certain that BTC will continue to face strong selling pressure in the near future.