{"id":397038,"date":"2019-09-25T12:00:14","date_gmt":"2019-09-25T12:00:14","guid":{"rendered":"https:\/\/ktsl888.com\/?p=397038"},"modified":"2024-06-11T13:25:47","modified_gmt":"2024-06-11T13:25:47","slug":"fractal-bitcoin-price-likely-to-hit-7500-before-rally-to-new-highs","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/fractal-bitcoin-price-likely-to-hit-7500-before-rally-to-new-highs\/","title":{"rendered":"Fractal: Bitcoin Price Likely to Hit $7,500 Before Rally to New Highs"},"content":{"rendered":"

Over the past 24 hours, Bitcoin<\/a> and the broader cryptocurrency market have been crushed by bears<\/a>. According to Coin360, the BTC price is trading at $8,500<\/a>, 12% lower than the day prior.<\/p>\n

While the selling pressure has just begun, leaving much left uncertain in the charts, analysts are convinced that Bitcoin will only see more pain in the coming days. You see, BTC is now sitting under an array of prominent technical supports \u2014 the descending triangle bottom, 21-week moving average, and $9,000 horizontal just to name a few.<\/p>\n

Related Reading: Crypto Twitter Divided Over Bakkt; 50% Expect the Bitcoin Futures to \u201cFlop\u201d<\/a><\/h6>\n

But, one fractal from an analyst on TradingView is showing that this flash crash won’t cause lasting effects on Bitcoin’s market structure. In fact, it predicts that the cryptocurrency market may soon resume its long-term march to new all-time highs.<\/p>\n

Bitcoin Price May Soon Recover<\/strong><\/h2>\n

Tuesday was an absolutely jaw-dropping day for the cryptocurrency market. Over $550 million worth of Bitcoin long positions were liquidated on BitMEX<\/a> as the cryptocurrency market cratered in the first volatile trading session in weeks.<\/p>\n

According to a fractal analysis \u2014 a way of using previous bouts of price action to try and forecast Bitcoin’s future movements \u2014 published by CryptoBullet<\/a> on September 20th, this volatility will continue. But, they suggest that this volatility may be in favor of bulls.<\/p>\n

Related Reading: Bitcoin Need Accentuated as Negative-Yielding Debt Hits $17 Trillion<\/a><\/h6>\n

CryptoBullet noted that in 2017, Bitcoin, during the early stages of the previous bull run, found itself in a descending triangle that eventually broke down in a spectacular fashion. What’s crazy is that BTC started rallying as fast it plummeted just a few days later, eventually entering back into the triangle, then surging to new all-time highs.<\/p>\n

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Finally some common sense featured on the first page of Trading View.
I like this idea.
pic.twitter.com\/XxNRTSQT9p<\/a><\/p>\n

— The Crypto Monk (@thecryptomonk) September 22, 2019<\/a><\/p><\/blockquote>\n