Bitcoin Could Be On The Verge Of Another Breakdown

The crypto market looks bloody today, and Bitcoin managed to fall below the psychological level of $7,000.

At the moment of writing this article, BTC is trading in the red, and the most important coin is priced at $6,923.04.

Despite the huge market volatility, there have been all kinds of bold predictions regarding the price of BTC, but now, there’s one that claims BTC could fall even more.

BTC could be on the verge of another breakdown

There’s a popular crypto analyst who said that BTC is likely on the verge of another breakdown.

He’s known in the industry as Rampage and he told his followers on Twitter that BTC seems to be caught in a cycle that’s happened a few times in the past as well.

“Bitcoin is a repeating history lesson immediately forgotten by pumps. Dump cycles matter.”

According to the online publication the Daily Hodl, “The pattern begins with a parabolic rally. Soon after, BTC retreats and enters a period of consolidation. Then, a second rally to a lower high begins, followed by a long-term collapse and bear market.”

If the analyst is right, BTC could be trending toward $6,000.

“Can’t find one single bullish argument on any of the time frames for BTC. We’re getting a dead cat, in my opinion, and at this stage, the next area of interest for longs is $6,000. Net short and chill holiday gang,” he said.

While some followers said that he’s not right and he’s making pointless correlations, others wrote that they agree.

For instance, someone said: “Totally agree with you. This will be by far the most unexpected and painful path for btc for the majority.”

Meanwhile, a lot of experts see BTC hitting $100,000 in 2020. The last person to claim this is the founder of the darknet Silk Road which was formerly selling illegal drugs and goods.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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