Bitcoin (BTC) has been following a false hope pattern since the beginning of latest correction. The fall has been systemic, such that investors get comfortable at the end of every 77 day interval of correction. As you can see below, at the end of every 77 day interval, there is a false hope signal making you believe Bitcoin is about to take off but then again the very opposite happens. Bitcoin has been the contrarian investor’s friend from the very onset and enemy of the one with herd mentality. Just when everyone starts to think, it can’t get any worse, it falls further. Similarly, when most cash out thinking it can’t go any higher, it goes even higher.
Times like these call for evaluation of your trading/investing strategy. You don’t have to sit in front of a computer 24/7 to see what is going on. A shrewd investor should have seen this coming from afar. However, most of us give in to emotions like fear and greed and end up losing on our trades. The key to survive in times like these is to think with your head, not with your heart. As much as I’d love to see Bitcoin take off from these levels, this is not the end of the correction.
At the time of writing this analysis, Bitcoin has fallen 66.1% from its highest peak of $20,000 USD back in December, 2017. In other words Bitcoin has to increase a massive 195% to overcome its highest ever price tag. Historically, Bitcoin price usually follows the euphoria and hype around Bitcoin among the masses. Looking at worldwide google search trends its clear Bitcoin’s shine among general public and first time investors is gradually waning. If anything below search results suggest is that Bitcoin price is going to fall further.
Bitcoin will fall below $6,700 and test lower levels in the days ahead. Whether or not we will breach $5,000 this time remains to be seen. I will not be surprised if it tests the red support line near $4,800. However, I’m not looking to find the perfect bottom here. I would be comfortable buying even at the current price of $6,700 if it did not make me look like a fool. Anyway, I would like to mention that Bitcoin’s best day are ahead of it. A fall to $5,000 or below might be a temporary setback but long term, I have no doubt whatsoever that Bitcoin can reach a price higher than at least $50,000 this year or the next.
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This article is published with analysis contributed by Fakhan
Disclaimer: Cryptocurrencies investments are full of speculative and market risks. This article is only for information purposes and not an investment advice. Please conduct your own thorough research before investing.