{"id":562963,"date":"2023-11-29T21:00:29","date_gmt":"2023-11-29T21:00:29","guid":{"rendered":"https:\/\/ktsl888.com\/?p=562963"},"modified":"2024-06-11T08:02:00","modified_gmt":"2024-06-11T08:02:00","slug":"bitcoin-analyst-if-bulls-fail","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-analyst-if-bulls-fail\/","title":{"rendered":"The Other Side Of The Bitcoin: Analyst Highlights What Happens If Bulls Fail"},"content":{"rendered":"

Bitcoin has currently entered a stage where the bulls and the bears are vying for absolute control over the price, meaning that it could swing either way. While sentiment is still mostly bullish from here, there is still the possibility that the bears could win out<\/a> and this side of the coin has prompted crypto analyst FieryTrading to map out what could happen if this ends up being the case.<\/p>\n

Identifying The Bearish Side Of Bitcoin<\/h2>\n

In the analysis<\/a>, FieryTrading identified an indicator that might point toward a bearish reversal for Bitcoin and this was the Wyckoff distribution pattern. The analyst observes that the Bitcoin price<\/a> might actually be current trading within this Wyckoff distribution pattern which would not be positive for the price.<\/p>\n

Related Reading: Analyst Uses 5200% Impulse Against Bitcoin To Predict XRP Price Surge To $9.6<\/a><\/div>\n

\u201cAs seen on the chart, the BC\/UT\/UTAD are nearly identical as on the schematic. Three higher-highs, of which the first two are sold off quickly, and the last (UTAD) took a while before it turned bearish,\u201d Fiery Trading explains.<\/p>\n

Furthermore, the analyst explains that the AR and SOW phases identified in the chart above are almost identical. However, there is a significant difference, which is that the Bitcoin price<\/a> has already retested the AR-low between the UT and UTAD identified twice already.<\/p>\n

\"Bitcoin<\/p>\n

Source: TradingView.com<\/a><\/pre>\n
In a scenario where this bearish setup plays out, the crypto analyst explains that there will end up being another retest around the SOW region in the future. If this happens and support fails to hold, allowing the price to fall through this SOW area, then I would be very bearish for the price.<\/p>\n
The target in such a scenario would be $30,000, effectively marking the $38,400 level as the local top. \u201cThis would also mean that 38.4k is the 2023 top, with a move towards 30.000$ being fairly likely,\u201d FieryTrading posits.<\/p>\n
The analyst reiterates their own bullishness toward the price of Bitcoin<\/a>. However, they also express that it is important to see bearish signs when they appear. \u201cThe fact that we had three higher highs which were all sold off is alarming at the very least.\u201d<\/p>\n
BTC Begins To Slowdown<\/h2>\n
The Bitcoin price has already seen a slowdown after an impressive run-up above $38,000, which explains why some indicators have begun to turn bearish. One example of this is the decline in the trading volume which suggests that investors are not as active in the coin now as they used to.<\/p>\n
Related Reading: Crypto Analyst Predicts 4400% XRP Price Surge To $27, Here\u2019s When<\/a><\/div>\n
The decline in trading volume has coincided with a drop in the market sentiment. However, the negative sentiment is still drowned out predominantly by the positive as the Crypto Fear & Greed Index<\/a> still points to greed. This suggests that despite the decline in price and trading volume, investors are not selling off much of their holdings<\/a>.<\/p>\n
\"Bitcoin<\/p>\n
Bulls hold $38,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from GOBankingRates, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has currently entered a stage where the bulls and the bears are vying for absolute control over the price, meaning that it could swing either way. While sentiment is still mostly bullish from here, there is still the possibility that the bears could win out and this side of the coin has prompted crypto analyst FieryTrading to map out what could happen if this ends up being the case. Identifying The Bearish Side Of Bitcoin In the analysis, FieryTrading identified an indicator that might point toward a bearish reversal for Bitcoin and this was the Wyckoff distribution pattern. The analyst observes that the Bitcoin price might actually be current trading within this Wyckoff distribution pattern which would not be positive for the price. Related Reading: Analyst Uses 5200% Impulse Against Bitcoin To Predict XRP Price Surge To $9.6 \u201cAs seen on the chart, the BC\/UT\/UTAD are nearly identical as on the schematic. Three higher-highs, of which the first two are sold off quickly, and the last (UTAD) took a while before it turned bearish,\u201d Fiery Trading explains. Furthermore, the analyst explains that the AR and SOW phases identified in the chart above are almost identical. However, there is a significant difference, which is that the Bitcoin price has already retested the AR-low between the UT and UTAD identified twice already. Source: TradingView.com In a scenario where this bearish setup plays out, the crypto analyst explains that there will end up being another retest around the SOW region in the future. If this happens and support fails to hold, allowing the price to fall through this SOW area, then I would be very bearish for the price. The target in such a scenario would be $30,000, effectively marking the $38,400 level as the local top. \u201cThis would also mean that 38.4k is the 2023 top, with a move towards 30.000$ being fairly likely,\u201d FieryTrading posits. The analyst reiterates their own bullishness toward the price of Bitcoin. However, they also express that it is important to see bearish signs when they appear. \u201cThe fact that we had three higher highs which were all sold off is alarming at the very least.\u201d BTC Begins To Slowdown The Bitcoin price has already seen a slowdown after an impressive run-up above $38,000, which explains why some indicators have begun to turn bearish. One example of this is the decline in the trading volume which suggests that investors are not as active in the coin now as they used to. Related Reading: Crypto Analyst Predicts 4400% XRP Price Surge To $27, Here\u2019s When The decline in trading volume has coincided with a drop in the market sentiment. However, the negative sentiment is still drowned out predominantly by the positive as the Crypto Fear & Greed Index still points to greed. This suggests that despite the decline in price and trading volume, investors are not selling off much of their holdings. Bulls hold $38,000 | Source: BTCUSD on Tradingview.com Featured image from GOBankingRates, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":563001,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-562963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nThe Other Side Of The Bitcoin: Analyst Highlights What Happens If Bulls Fail<\/title>\n<meta name=\"description\" content=\"Bitcoin has currently entered a stage where the bulls and the bears are 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"The Other Side Of The Bitcoin: Analyst Highlights What Happens If Bulls Fail","url":"http:\/\/ktsl888.com\/news\/bitcoin-analyst-if-bulls-fail\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-analyst-if-bulls-fail\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/Bitcoin-bear.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/Bitcoin-bear.jpeg?fit=1920%2C1080"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2023-11-29T21:00:29Z","datePublished":"2023-11-29T21:00:29Z","dateModified":"2024-06-11T08:02:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"The Other Side Of The Bitcoin: Analyst Highlights What Happens If Bulls Fail\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-analyst-if-bulls-fail\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-analyst-if-bulls-fail\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Bitcoin-bear.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Bitcoin-bear.jpeg?fit=1920%2C1080\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2023-11-29T21:00:29Z\",\"datePublished\":\"2023-11-29T21:00:29Z\",\"dateModified\":\"2024-06-11T08:02:00Z\"}<\/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\/2023\/11\/Bitcoin-bear.jpeg?fit=1920%2C1080","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/562963"}],"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\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=562963"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/562963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/563001"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=562963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=562963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=562963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}