Bitcoin’s staggering 2019 run may be over. Some analysts believe that the cryptocurrency could fall back to $7,600 in the months to come owing to fractals of the 2018 bear markets that are still at play.
Bitcoin is facing the blues again
The aggregated crypto markets, including the largest cryptocurrency Bitcoin, is facing considerable bear pressure because of which prices are expected to fall below $10,000 and stay there for some time. The coin may shave back all of its gains from June 2019 as bulls disappear from the market. Analysts believe that they see a fractal pattern in BTC charts that was last visible during the 2018 bear market. If the pattern continues to grow stronger, then BTC could land in the $7,600 territory in the near future.
At press time, Bitcoin was trading at $9,950 showing that the bears have already started chipping away the gains. Negative price action in Bitcoin was visible most strongly last year when the current quickly moved to $11,000 but fell down from the price point equally swiftly. It shows that the markets have rejected the bull case for Bitcoin for now. The crypto enthusiasts do not have significant strength to pull the coin’s prices up by even $1,000 in the market, which means that the next few weeks will see new strength tests for the coin.
The bears are coming
Crypto analyst Josh Rager spoke about the recent price action of the currency in a tweet, suggesting that he is targeting $8,795 as the selling pressure in the market is growing rapidly. Rager noted,
“$BTC looks to be creating lower-highs and lower-lows on the daily chart. Marked are the open and support areas based on the weekly chart with previous support possibly flipping to resistance. If confirmed, watching the next weekly support at $8,975 as a potential target.”
More specifically, BTC is registering lower-highs and lower-lows in the daily charts, which shows that the pressure is mounting on the coin. Another popular crypto analyst Chronis Trading suggested that the recent patterns suggest that prices will go down to $7,600 in the near-term. However, despite some evidence that Bitcoin is repeating a 2018 fractal, the coin has been relatively stable throughout the second quarter of 2019. Overall, there is considerable selling pressure in the market, but the fate of the largest cryptocurrency in the world still hangs in the balance.