{"id":136296,"date":"2018-05-26T07:39:23","date_gmt":"2018-05-26T11:39:23","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=136296"},"modified":"2021-09-05T02:43:47","modified_gmt":"2021-09-05T06:43:47","slug":"analyst-says-bitcoin-may-drop-to-5500-before-new-upside-in-q3-q4-2018","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/analyst-says-bitcoin-may-drop-to-5500-before-new-upside-in-q3-q4-2018","title":{"rendered":"Analyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3\/Q4 2018"},"content":{"rendered":"

The price of Bitcoin has faced unexpected downward pressure in May as Consensus 2018 did not produce enough enthusiasm for a bullish move. Analyst Willy Woo said the virtual currency may only find its upside in Q3\/Q4 2018. Until then, bulls may find bid opportunities at prices as low as $5,500.<\/p>\n

Bitcoin to Complete Downside At $5,500-$5,700, Analyst Says<\/p>\n

The cryptocurrency market has been under pressure in 2018 following an extensive race to the top, with Bitcoin breaching the $20,000 level. Traders were expecting the Blockchain Week in New York to trigger a new bullish momentum, but the market lost $52 billion after a disappointing event<\/a>.<\/p>\n

Bitcoin stalled below the $10,000 area in early May and has been steadily returning to the 2018 lows. Willy Woo, a BTC technical analyst with 62,500 followers on Twitter, is not very optimistic about where the market is moving next. Woo expects the market to give in to bears for a downswing towards $5500-$5700.<\/p>\n

I think we are gonna go to $5500-5700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess. \/1 pic.twitter.com\/pCN0N97vp6<\/a><\/p>\n

\u2014 Willy Woo (@woonomic) May 26, 2018<\/a><\/p>\n

\u201cNVT Signal is still too high. We need more blockchain transactional activity to justify the current price, or the price to drop to reconcile the difference. To drive up transactional activity in a bear slide is very unlikely IMO\u201d, Woo said, also referring to the extreme market moves. \u201cVolatility is still too high. I\u2019m looking for a sustained low band of volatility which tends to be a signal for the end of the detox and the next accumulation phase. It\u2019s still got some time to ride down.\u201d<\/p>\n

The BTC analyst\u00a0argues that his $5500-$5700 prediction\u00a0is further supported by a high Standard NVT and a Volume Profile cliff below $6800.<\/p>\n

\u201cWhen I run the above scenarios against detoxing at a $6800-$7000 floor, it seems a very unlikely path we\u2019ll play out at the $7000 level. This is given the time we need for NVT and volatility to baseline. (\u2026) I don\u2019t necessarily think we\u2019ll fall through the 5000s\u2026 sure it\u2019s a possibility but it doesn\u2019t have to. It\u2019s not a repeat, it\u2019s not Mt Gox and Willybot pushing up price with faked orders, we aren\u2019t detoxing from a scam bubble. Technically $5000s is a very strong support band.\u201d<\/p>\n

The cryptocurrency market in 2018 is more mature compared to 2014 as there no longer \u201ca few whales randomly pushing things around anymore\u201d, which provides a more reliable understanding of price based on fundamentals. Woo says that BTC is not a market on long time frames. Instead, it is an adoption curve (climb, consolidation, climb, consolidation).<\/p>\n

The analyst expects Bitcoin to steadily drop to $6,800 before plunging to $5700, which should be followed\u00a0by a leveling out of the drop and a flat zone. The next bullish momentum should come in Q3\/Q4 2018<\/a>, according to Woo.<\/p>\n

The post Analyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3\/Q4 2018<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin has faced unexpected downward pressure in May as Consensus 2018 did not produce enough enthusiasm for a bullish move. Analyst Willy […]<\/a><\/div>","protected":false},"author":1066,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-136296","post","type-post","status-publish","format-standard","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\nAnalyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3\/Q4 2018 - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin has faced unexpected downward pressure in May as Consensus 2018 did not produce enough enthusiasm for a bullish move.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/136296\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3\/Q4 2018\" \/>\n<meta property=\"og:description\" content=\"The price of Bitcoin has faced unexpected downward pressure in May as Consensus 2018 did not produce enough enthusiasm for a bullish move.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-26T11:39:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-05T06:43:47+00:00\" \/>\n<meta name=\"author\" content=\"Ricardo Esteves\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ricardo Esteves\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/136296#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/136296\"},\"author\":{\"name\":\"Ricardo Esteves\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/5439d0ce272e4eb217ada837bed95de8\"},\"headline\":\"Analyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3\/Q4 2018\",\"datePublished\":\"2018-05-26T11:39:23+00:00\",\"dateModified\":\"2021-09-05T06:43:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/136296\"},\"wordCount\":533,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/136296#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/136296\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/136296\",\"name\":\"Analyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3\/Q4 2018 - 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