{"id":408200,"date":"2019-12-20T23:06:49","date_gmt":"2019-12-20T23:06:49","guid":{"rendered":"https:\/\/ktsl888.com\/?p=408200"},"modified":"2024-06-11T13:35:35","modified_gmt":"2024-06-11T13:35:35","slug":"history-repeat-bitcoin-price-drop-40-percent-bottom-4300","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/history-repeat-bitcoin-price-drop-40-percent-bottom-4300\/","title":{"rendered":"Should History Repeat, Bitcoin Price Will Drop 40% to Bottom at $4,300"},"content":{"rendered":"

You’ve likely heard the term “echo bubble” tossed about in relation to Bitcoin<\/a> over the past couple of months. For instance, hedge fund manager Mark Dow<\/a>, an investor that shorted BTC when it traded at $20,000 in December 2017, recently quipped<\/a> that the leading crypto is in a “textbook echo bubble.” This came shortly after he quipped in an earlier tweet that Bitcoin will die a “grinding death, punctuated by spoofs and FOMO spasms of decreasing frequency and intensity.\u201d<\/p>\n

Bitcoin Could Fall 40%, Analyst Warns<\/h2>\n
There’s no doubt that Bitcoin’s price performance in 2019 is reminiscent of 2017 and 2018: the price of the leading cryptocurrency went parabolic from low levels to form a peak above $10,000, then formed a massive descending triangle pattern that bottomed in the $6,000 range.<\/p>\n
Analyst CryptoHamster recently touched<\/a> on these similarities, remarking that if BTC follows the path of the previous cycle, and breaks down from the low-$6,000s, it will bottom at $4,320 \u2014 just over 40% lower than current prices. (The $4,320 target was determined by scaling the previous cycle to the current, using the $6,000 level as the base for the calculation.)<\/p>\n
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Equilibration around 6000$.
The bottom will be at ~4300$ according to this ratio. $BTC<\/a> $BTCUSD<\/a> #bitcoin<\/a> pic.twitter.com\/fnyOi81SG4<\/a><\/p>\n
— CryptoHamster (@CryptoHamsterIO) December 20, 2019<\/a><\/p><\/blockquote>\n