{"id":369438,"date":"2019-01-28T08:00:13","date_gmt":"2019-01-28T08:00:13","guid":{"rendered":"https:\/\/uniquehot.com\/?p=369438"},"modified":"2019-01-28T08:08:46","modified_gmt":"2019-01-28T08:08:46","slug":"bitcoin-bears-back-in-play-how-low-will-btc-go-this-time","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bears-back-in-play-how-low-will-btc-go-this-time\/","title":{"rendered":"Bitcoin Bears Back in Play, How Low Will BTC Go This Time?"},"content":{"rendered":"
Following a week of inactivity crypto markets have started to move again today, but the direction is downwards. The Bitcoin bears have awoken and BTC started another plunge a few hours ago, the question now is how low will it go and where will 2019\u2019s new low be.<\/p>\n
For the past seven days Bitcoin<\/a> has been totally inert, bouncing off resistance at $3,600. A few hours ago this resistance turn support zone broke down and Bitcoin started another descent as Asian traders offloaded. Though not as sharp as previous plunges, BTC dropped over $150 or 3.5% in a couple of hours and is looking extremely bearish at the time of writing.<\/p>\n BTC is currently at its lowest level this year as it hit $3,470. The last time it dropped below $3,500 was in mid-December while recovering from a 2018 low of $3,200 on the 15th<\/sup>. Daily volume has increased to $5.7 billion but it is all going in the wrong direction as the Monday morning market dump accelerates.<\/p>\n <\/a><\/p>\n BTC<\/a> is likely to rally a little from $3,450 but further losses could be imminent and it could return to $3,200<\/a>. Traders have taken to twitter urging BTC down in anticipation of loading up on it. Many expect a drop below $3,000 in the coming weeks and a number of observers and analysts have predicted prices as low as $2,000.<\/p>\n Prominent technical analyst Murad Mahmudov has predicted correctly on several previous occasions over the past year or so. His current prognosis for Bitcoin is not pretty with a final capitulation to $1,800<\/a> before any measurable recovery or trend reversal. The ride to the bottom may have just started as Bitcoin makes new lows for the year and heads towards $3,400.<\/p>\n Other analysts have called a $2,500 bottom by using fractals<\/a> to measure repeating chart patterns. At the moment both scenarios look likely as the big red candles start appearing on the charts. The ever pessimistic JP Morgan recently released a report with the prediction that Bitcoin would dump to $1,250<\/a> if this bear market drags out any longer.<\/p>\n