Why bitcoin will go down below 6000 (explanation)

[waniowski]

Hello everybody!

People are trying to guess where is the final point of the current market dump

I have a theory why bitcoin will go down to 5000-4800 levels, I'll try to explain my theory. It based on some observations of past markets

1)
First of all, let's compare Market Cycle graph, Chart BTCUSD 2013-2015, and the current chart. I made an image, https://imgur.com/a/dKBcQ1H
As you can see, a lot of similar points and in general they are VERY SIMILAR
So, Capitulation phase is higher then Anger, Anger is higher then Depression
That's why I can easily imagine, that the price will go below 6000

UPD: 1a) also found GOLD chart — https://imgur.com/a/k6AzZPc — looks also familiar, right?

2)
Recently I found very interesting graphics, based on comparison of the current price chart and Wyckoff charts https://imgur.com/a/opLle8O
This is the second reason why the price can go below 6k

3)
So, where it will stop exactly?
I think, we should keep in mind an area 5000-4800, because this is strong support level and also global 0,236 fib level, what makes it even more powerful
https://www.tradingview.com/x/Ml9uJDfU/
I think this could be the final destination

UPD: 4) https://i.imgur.com/kUyjTO1.png. 80% downtrend is about 4k even..


Of course, this is nothing more than theory. But I hope that was at least interesting.

If you found his post interesting,  I will be really appreciated for +merit.   Have good profits!

Well , first part of this prognosis became reality - bitcoin broke boundary 6000 $. Respect for accurate theories. As for other points i would suggest to change them in other direction. Let us see btc rise

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[usekevin]

Hello everybody!

People are trying to guess where is the final point of the current market dump

I have a theory why bitcoin will go down to 5000-4800 levels, I'll try to explain my theory. It based on some observations of past markets

1)
First of all, let's compare Market Cycle graph, Chart BTCUSD 2013-2015, and the current chart. I made an image, https://imgur.com/a/dKBcQ1H
As you can see, a lot of similar points and in general they are VERY SIMILAR
So, Capitulation phase is higher then Anger, Anger is higher then Depression
That's why I can easily imagine, that the price will go below 6000

UPD: 1a) also found GOLD chart — https://imgur.com/a/k6AzZPc — looks also familiar, right?

2)
Recently I found very interesting graphics, based on comparison of the current price chart and Wyckoff charts https://imgur.com/a/opLle8O
This is the second reason why the price can go below 6k

3)
So, where it will stop exactly?
I think, we should keep in mind an area 5000-4800, because this is strong support level and also global 0,236 fib level, what makes it even more powerful
https://www.tradingview.com/x/Ml9uJDfU/
I think this could be the final destination

UPD: 4) https://i.imgur.com/kUyjTO1.png. 80% downtrend is about 4k even..


Of course, this is nothing more than theory. But I hope that was at least interesting.

If you found his post interesting,  I will be really appreciated for +merit.   Have good profits!

Actually the repetition of fluctuations of bitcoin price every year. But it's happening in alternative manner. Last year the price of bitcoin had increased the maximum price. Now the the price of bitcoin is moving in a negative fluctuations. Hope this is not a permanent one, if so many will lose their investment. The people who want to get the money out from cryptocurrency will get some loss.

[TravelMug]

And 5 months after the OP has open this thread, it looks like we're getting closer to what he said earlier. There are a lot of predictions lately saying that we're closing to the bottom which is around $4k-$5k.

And if you're going to look at the current price, yes, it within that price range. Its a big scary though because we would have never thought of it plummeting to this price range, however, I'm thinking that it we bottom at this price, the only logical thing to happen next is to go up so I'm taking this opportunity to accumulate small portions of bitcoin and get to that 1 BTC we've all been looking for.

[BitHodler]

I quite agree with you. At present, financial markets like us have been weakened by the ongoing economic wars in major countries. I think we should not invest anymore, sell them as soon as possible and wait for the bitcoin to return to $ 4000. That would be the best price to buy.

You know that theories like that don't work, right? The proper way to act and benefit from a market that could go down further, is to dollar cost average as long as you need to buy the final bottom.

You can't possibly know where that bottom is. It could be anywhere between $2000-$5000 or we might have seen the final bottom already. If you sell now you'll lose out by having to buy back your coins at much higher levels.

I say much higher levels because you'll initially wait for the price to correct again, which it just as easily might not, and by the time you decide to buy back, you get less coins for the same amount of fiat back.

[crypmike]

Nice bottom thread by @Smartcontracter



https://twitter.com/smartcontracter/status/1007532346201870337?s=21