{"id":400550,"date":"2019-10-04T22:00:36","date_gmt":"2019-10-04T22:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=400550"},"modified":"2024-06-11T13:30:46","modified_gmt":"2024-06-11T13:30:46","slug":"more-downside-in-bitcoin-before-conservative-buying-opportunity-say-analysts","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/more-downside-in-bitcoin-before-conservative-buying-opportunity-say-analysts\/","title":{"rendered":"More Downside in Bitcoin Before Conservative Buying Opportunity, Say Analysts"},"content":{"rendered":"<p>Bitcoin appears to be looking at a little more downside before it becomes a reasonable buy again, according to a pair of crypto industry commentators. Having recently rebounded from what most traders are considering the ultimate bottom of the 2018 <a href=\"https:\/\/ktsl888.com\/tags\/bear-market\">bear<\/a> market, we could be looking at a further drop then sideways trading for a while.<\/p>\n<p>Such price action has been seen in the Bitcoin market numerous times before. If similar happens again, the sideways action will eventually result in a breakout to the upside.<\/p>\n<h2>A Bigger Drop for Bitcoin?<\/h2>\n<p>Referencing the <a href=\"https:\/\/vinnylingham.com\/preventing-another-bitcoin-bubble-98dee44e2c7c\" rel=\"nofollow\">work<\/a> of Civic (CVC) founder and CEO, Vinny Lingham, Nunya Bizniz (@Pladizow) has identified a price of around two times the widely agreed upon December low as a conservative buying opportunity. Based on previous market cycles, a period of consolidation, that might last months, will follow a further drop from current levels:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BTC Monthly:<\/p>\n<p>As <a href=\"https:\/\/twitter.com\/VinnyLingham?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@VinnyLingham<\/a> pointed out, once BTC has gone 2X from its low &#8211; this typically marks a conservative opportunity to buy.<\/p>\n<p>However, as marked by the orange boxes, sideways at the 2X level is typical.<\/p>\n<p>Looks like what BTC is now doing, is normal. <a href=\"https:\/\/t.co\/zuxCUmz4wp\" rel=\"nofollow\">pic.twitter.com\/zuxCUmz4wp<\/a><\/p>\n<p>&mdash; Nunya Bizniz (@Pladizow) <a href=\"https:\/\/twitter.com\/Pladizow\/status\/84521216?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 4, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The above chart references three other periods of such consolidation. The first is at the end of 2012 to mid-2013. Then a shorter period during the epic run up in price of 2013. Finally, the period just before the 2016-2017 bull run. Lingham has commented on the importance of the market consolidating after dramatic moves such as those witnessed since mid-2017 in previous <a href=\"https:\/\/vinnylingham.com\/preventing-another-bitcoin-bubble-98dee44e2c7c\" rel=\"nofollow\">works<\/a>.<\/p>\n<p>On each of these occasions, Bitcoin reached an ultimate bottom, returned to prices of around two times greater than that bottom, before trading sideways for a period of weeks to months.<\/p>\n<p>Currently, the price of Bitcoin is around $8,000. For it to reach the &#8220;conservative opportunity to buy&#8221;, it will need to drop a little further. The ultimate December <a href=\"https:\/\/ktsl888.com\/2018\/12\/14\/bitcoin-sets-fresh-2018-low-at-3200-altcoins-plunge\/\">low<\/a> on the chart used by Nunya Bizniz is actually $3,148. For Bitcoin to follow the above patterns, it would need to drop about another $1,700.<\/p>\n<p>According to the trends observed by the <a href=\"https:\/\/ktsl888.com\/tags\/twiiter\">Twitter<\/a>-based market commentator, the price will then enter a period of consolidation. Such periods, according to Lingham, are crucial to avoid repeats of the kinds of bubbles seen previously. Prior to the mid-2017, extreme run up, he wrote:<\/p>\n<blockquote><p>&#8220;Bitcoin has spent the better part of 3 years recovering from a pretty damaging boom\/bust cycle&#8230; Yes, Bitcoin is both scarce &amp; valuable, which will lead to the price continuing to increase over time, but if that happens too quickly, we will enter another boom\/bust cycle \u2014 which is really not an ideal situation if we want Bitcoin to move from a commodity to a store of value.&#8221;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p><em><strong>Related Reading<\/strong>: <a href=\"https:\/\/ktsl888.com\/2019\/10\/01\/if-in-doubt-zoom-out-bitcoin-profitable-days-still-at-91-5\/\">If In Doubt Zoom Out, Bitcoin Profitable Days Still at 91.5%<\/a><\/em><\/p>\n<pre>Featured Image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin appears to be looking at a little more downside before it becomes a reasonable buy again, according to a pair of crypto industry commentators. Having recently rebounded from what most traders are considering the ultimate bottom of the 2018 bear market, we could be looking at a further drop then sideways trading for a while. Such price action has been seen in the Bitcoin market numerous times before. If similar happens again, the sideways action will eventually result in a breakout to the upside. A Bigger Drop for Bitcoin? Referencing the work of Civic (CVC) founder and CEO, Vinny Lingham, Nunya Bizniz (@Pladizow) has identified a price of around two times the widely agreed upon December low as a conservative buying opportunity. Based on previous market cycles, a period of consolidation, that might last months, will follow a further drop from current levels: BTC Monthly: As @VinnyLingham pointed out, once BTC has gone 2X from its low &#8211; this typically marks a conservative opportunity to buy. However, as marked by the orange boxes, sideways at the 2X level is typical. Looks like what BTC is now doing, is normal. pic.twitter.com\/zuxCUmz4wp &mdash; Nunya Bizniz (@Pladizow) October 4, 2019 The above chart references three other periods of such consolidation. The first is at the end of 2012 to mid-2013. Then a shorter period during the epic run up in price of 2013. Finally, the period just before the 2016-2017 bull run. Lingham has commented on the importance of the market consolidating after dramatic moves such as those witnessed since mid-2017 in previous works. On each of these occasions, Bitcoin reached an ultimate bottom, returned to prices of around two times greater than that bottom, before trading sideways for a period of weeks to months. Currently, the price of Bitcoin is around $8,000. For it to reach the &#8220;conservative opportunity to buy&#8221;, it will need to drop a little further. The ultimate December low on the chart used by Nunya Bizniz is actually $3,148. For Bitcoin to follow the above patterns, it would need to drop about another $1,700. According to the trends observed by the Twitter-based market commentator, the price will then enter a period of consolidation. Such periods, according to Lingham, are crucial to avoid repeats of the kinds of bubbles seen previously. Prior to the mid-2017, extreme run up, he wrote: &#8220;Bitcoin has spent the better part of 3 years recovering from a pretty damaging boom\/bust cycle&#8230; Yes, Bitcoin is both scarce &amp; valuable, which will lead to the price continuing to increase over time, but if that happens too quickly, we will enter another boom\/bust cycle \u2014 which is really not an ideal situation if we want Bitcoin to move from a commodity to a store of value.&#8221; &nbsp; Related Reading: If In Doubt Zoom Out, Bitcoin Profitable Days Still at 91.5% Featured Image from Shutterstock.<\/p>\n","protected":false},"author":382,"featured_media":400554,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,56917,11817],"class_list":["post-400550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-buying-opportunity","tag-vinny-lingham"],"acf":[],"yoast_head":"\n<title>More Downside in Bitcoin Before Conservative Buying Opportunity, Say Analysts<\/title>\n<meta name=\"description\" content=\"Bitcoin appears to be looking at a little more downside before it becomes a reasonable buy again, according to a pair of crypto industry commentators.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Delafont","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c8d670c5ace3fefdd9c2b09519d3b3c7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c8d670c5ace3fefdd9c2b09519d3b3c7?s=96&d=mm&r=g","caption":"Rick Delafont"},"description":"Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.","url":"https:\/\/ktsl888.com\/author\/richarddelaney\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"More Downside in Bitcoin Before Conservative Buying Opportunity, Say Analysts","url":"http:\/\/ktsl888.com\/news\/more-downside-in-bitcoin-before-conservative-buying-opportunity-say-analysts\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/more-downside-in-bitcoin-before-conservative-buying-opportunity-say-analysts\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/shutterstock_174273320.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/shutterstock_174273320.jpg?fit=1000%2C750"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Rick Delafont"}],"creator":["Rick Delafont"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","buying opportunity","vinny lingham"],"dateCreated":"2019-10-04T22:00:36Z","datePublished":"2019-10-04T22:00:36Z","dateModified":"2024-06-11T13:30:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"More Downside in Bitcoin Before Conservative Buying Opportunity, Say Analysts\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/more-downside-in-bitcoin-before-conservative-buying-opportunity-say-analysts\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/more-downside-in-bitcoin-before-conservative-buying-opportunity-say-analysts\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/shutterstock_174273320.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/shutterstock_174273320.jpg?fit=1000%2C750\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Rick Delafont\"}],\"creator\":[\"Rick Delafont\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"buying opportunity\",\"vinny lingham\"],\"dateCreated\":\"2019-10-04T22:00:36Z\",\"datePublished\":\"2019-10-04T22:00:36Z\",\"dateModified\":\"2024-06-11T13:30:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/shutterstock_174273320.jpg?fit=1000%2C750","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/400550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/382"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=400550"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/400550\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/400554"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=400550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=400550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=400550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}