{"id":394376,"date":"2019-08-27T18:00:16","date_gmt":"2019-08-27T18:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=394376"},"modified":"2019-08-27T17:05:32","modified_gmt":"2019-08-27T17:05:32","slug":"crypto-analyst-warns-of-potential-feb-2018-style-bitcoin-price-plunge","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-analyst-warns-of-potential-feb-2018-style-bitcoin-price-plunge\/","title":{"rendered":"Crypto Analyst Warns of Potential Feb 2018 Style Bitcoin Price Plunge"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Following Bitcoin price setting its all-time high at $20,000, the entire crypto hype bubble began to pop and both <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> and altcoins began dropping in value.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">After support from Bitcoin\u2019s parabolic advance was broken, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> suffered a severe, V-shaped crash from $13,000 all the way down to $5,800 before bouncing right back up to over $11,000. According to one crypto analyst, a similar drop is a \u201creasonable possibility,\u201d if Bitcoin price breaks below current support.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Break Below Current Support Could Create Feb 2018 Style V-Bottom<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/uniquehot.com\/2019\/02\/27\/peter-brandt-bitcoin-price-bottom\/\">Parabolic rallies correct hard<\/a>. The 2017 crypto bubble pop led to Bitcoin price <a href=\"https:\/\/uniquehot.com\/2019\/02\/27\/peter-brandt-bitcoin-price-bottom\/\">falling over 85%<\/a> to its eventual bottom at $3,200, down from its previous all-time high of $20,000.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/08\/26\/bitcoin-price-closes-two-consecutive-weekly-red-candles-first-time-since-bottom\/\">Bitcoin Price Closes Two Consecutive Weekly Red Candles, First Time Since Bottom\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">At the start of April 2019, Bitcoin went parabolic yet again, taking its price from the $3,000 to $4,000 range, all the way to $13,800 before it was rejected at the resistance level that kicked off the bear market in the first place. After gains of over 300%, a correction was not only likely but healthy.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Since then, Bitcoin price has ranged between highs over $12,000 and lows under $10,000, with $10,000 acting as base support. According to one crypto analyst, who has been warning that a deeper correction in Bitcoin has been overdue, is now suggesting that if current support breaks, a sharp, February 2018-style crash is a \u201creasonable possibility.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Unless you&#39;re wearing a set of moonboy blinkers, you&#39;re going to see something like this as a reasonable possibility. <a href=\"https:\/\/t.co\/tH6m78ODrS\" rel=\"nofollow\">pic.twitter.com\/tH6m78ODrS<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/55749632?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 27, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Before crypto investors panic of the ominous warning, the analyst, who focuses on moving averages and other long-term trend indicators such as the MACD or Gaussian channel, doesn\u2019t believe that Bitcoin is in for another bear market. In fact, the analyst has repeatedly shared charts that demonstrate that Bitcoin price may never have been in a bear market at all, and has long been in a \u201csecular\u201d bull market.<\/span><\/p>\n<h2>Bitcoin Price Could Retrace to Next Fibonacci Levels<\/h2>\n<p class=\"p1\"><span class=\"s1\">As of now, the current correction has barely reached the \u201cfirst fib level,\u201d a price point mathematically based on the <a href=\"https:\/\/uniquehot.com\/2019\/08\/14\/bitcoin-math-fibonacci-crypto-price\/\">Fibonacci ratios<\/a>, that often act as a target for rallies and <a href=\"https:\/\/www.investopedia.com\/ask\/answers\/05\/fibonacciretracement.asp\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">retracements<\/a> in various assets.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin is volatile.<\/p>\n<p>After a massive 300% spike, itself after a massive correction, it has barely corrected the first fib level&#8230;. <a href=\"https:\/\/t.co\/CbspPpnx2X\" rel=\"nofollow\">pic.twitter.com\/CbspPpnx2X<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/46080768?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 23, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The fib level being referenced is the 0.236 fib level. Next after the current level would be 0.382 and 0.5. The 0.382 retracement level would take Bitcoin price down to between $7,500 and $8,500, while 0.5 would be a correction to between $7,500 and $6,000.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Support at $6,000 acted as the base support throughout most of 2018. In November, it ultimately gave way and Bitcoin found its true bottom. But after Bitcoin broke back above $6,000, is never came back down to confirm the former based as support turned resistance, turned back to support.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/08\/14\/bitcoin-math-fibonacci-crypto-price\/\">Can Ancient Math Predict the Next Bitcoin Top at $220K?\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">If the 0.5 fib level is reached, Bitcoin price may finally retest $6,000 to reconfirm it as support, and after it does, the bull run can resume.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following Bitcoin price setting its all-time high at $20,000, the entire crypto hype bubble began to pop and both Bitcoin and altcoins began dropping in value. After support from Bitcoin\u2019s parabolic advance was broken, Bitcoin price suffered a severe, V-shaped crash from $13,000 all the way down to $5,800 before bouncing right back up to over $11,000. According to one crypto analyst, a similar drop is a \u201creasonable possibility,\u201d if Bitcoin price breaks below current support. Break Below Current Support Could Create Feb 2018 Style V-Bottom Parabolic rallies correct hard. The 2017 crypto bubble pop led to Bitcoin price falling over 85% to its eventual bottom at $3,200, down from its previous all-time high of $20,000. Related Reading | Bitcoin Price Closes Two Consecutive Weekly Red Candles, First Time Since Bottom\u00a0 At the start of April 2019, Bitcoin went parabolic yet again, taking its price from the $3,000 to $4,000 range, all the way to $13,800 before it was rejected at the resistance level that kicked off the bear market in the first place. After gains of over 300%, a correction was not only likely but healthy. Since then, Bitcoin price has ranged between highs over $12,000 and lows under $10,000, with $10,000 acting as base support. According to one crypto analyst, who has been warning that a deeper correction in Bitcoin has been overdue, is now suggesting that if current support breaks, a sharp, February 2018-style crash is a \u201creasonable possibility.\u201d Unless you&#39;re wearing a set of moonboy blinkers, you&#39;re going to see something like this as a reasonable possibility. pic.twitter.com\/tH6m78ODrS &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) August 27, 2019 Before crypto investors panic of the ominous warning, the analyst, who focuses on moving averages and other long-term trend indicators such as the MACD or Gaussian channel, doesn\u2019t believe that Bitcoin is in for another bear market. In fact, the analyst has repeatedly shared charts that demonstrate that Bitcoin price may never have been in a bear market at all, and has long been in a \u201csecular\u201d bull market. Bitcoin Price Could Retrace to Next Fibonacci Levels As of now, the current correction has barely reached the \u201cfirst fib level,\u201d a price point mathematically based on the Fibonacci ratios, that often act as a target for rallies and retracements in various assets. Bitcoin is volatile. After a massive 300% spike, itself after a massive correction, it has barely corrected the first fib level&#8230;. pic.twitter.com\/CbspPpnx2X &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) August 23, 2019 The fib level being referenced is the 0.236 fib level. Next after the current level would be 0.382 and 0.5. The 0.382 retracement level would take Bitcoin price down to between $7,500 and $8,500, while 0.5 would be a correction to between $7,500 and $6,000. Support at $6,000 acted as the base support throughout most of 2018. In November, it ultimately gave way and Bitcoin found its true bottom. But after Bitcoin broke back above $6,000, is never came back down to confirm the former based as support turned resistance, turned back to support. Related Reading | Can Ancient Math Predict the Next Bitcoin Top at $220K?\u00a0 If the 0.5 fib level is reached, Bitcoin price may finally retest $6,000 to reconfirm it as support, and after it does, the bull run can resume.<\/p>\n","protected":false},"author":517,"featured_media":394443,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,6664,24132,2849],"class_list":["post-394376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-dave-the-wave","tag-macd"],"acf":[],"yoast_head":"\n<title>Crypto Analyst Warns of Potential Feb 2018 Style Bitcoin Price Plunge<\/title>\n<meta name=\"description\" content=\"Following Bitcoin price setting its all-time high at $20,000, the entire crypto hype bubble began to pop and both Bitcoin and altcoins began dropping in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/crypto-analyst-warns-of-potential-feb-2018-style-bitcoin-price-plunge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Analyst Warns of Potential Feb 2018 Style Bitcoin Price Plunge\" \/>\n<meta property=\"og:description\" content=\"Following Bitcoin price setting its all-time high at $20,000, the entire crypto hype bubble began to pop and both Bitcoin and altcoins began dropping in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/crypto-analyst-warns-of-potential-feb-2018-style-bitcoin-price-plunge\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-27T18:00:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-27T17:05:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-february-2018-crash-shutterstock_761199550-860x645.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"645\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.\",\"sameAs\":[\"https:\/\/coinchartist.io\/\",\"https:\/\/www.instagram.com\/coinchartist_io\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC\",\"https:\/\/www.youtube.com\/@coinchartist_io\"],\"url\":\"https:\/\/uniquehot.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"Crypto Analyst Warns of Potential Feb 2018 Style Bitcoin Price Plunge","description":"Following Bitcoin price setting its all-time high at $20,000, the entire crypto hype bubble began to pop and both Bitcoin and altcoins began dropping 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