Bitcoin Price Could Sink to $1,850 Despite Bullish Crypto Momentum

[cybersofts]

In the past 3 months, the Bitcoin price has been relatively stable, performing strongly against the U.S. dollar with solid volume across major markets in the likes of the U.S. and Japan.

Since December 16, within a 3-month span, the Bitcoin price has increased from its yearly low at $3,122 to $3,943, testing the $4,000 resistance level.



3-Month Bitcoin Price Chart (Source: Coinmarketcap.com)


The stability of Bitcoin has led many tokens and alternative cryptocurrencies to record large gains against both BTC and the USD, with assets Litecoin, Enjin Coin, and Kyber Network surging by 50 to 100 percent in short time frames.

However, speaking to CCN in an interview, a cryptocurrency technical analyst known as “Bleeding Crypto” said that a drop to $1,850 still remains a strong possibility for the dominant cryptocurrency.
Why $1,850 For Bitcoin?

Earlier this month, after Bitcoin cleanly broke out of $4,000 but failed to break out of the crucial $4,200 resistance level, the technical analyst said that a drop to $2,400 to $3,100 is likely to be the next near-term move for BTC.

    Bitcoin > $4,000

    — Barry Silbert (@barrysilbert) February 23, 2019

According to the analyst, in mid-2017, Bitcoin remained in the $2,400 region for several months before dipping to $1,850 and establishing a bottom following the Bitcoin Cash hard fork, which led to a bearish trend in the market.

Bitcoin never re-tested the $2,450 mark once it recovered from $1,800 and due to the steep decline in the price and momentum of the asset in the past year, the analyst said that a potential drop to $2,450 is possible in the months to come.


Reference: https://www.ccn.com/bitcoin-price-could-sink-to-1850-despite-bullish-crypto-momentum

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[BrewMaster]

it seems to me like day traders are starting to get bored with the stable bitcoin price again since most of the small fishes have already finished their accumulation so now they want action. since they have low faith in whales letting the price go up they stick to spreading nonsense FUD to go the other way and make profit in that direction

[Kemarit]

it seems to me like day traders are starting to get bored with the stable bitcoin price again since most of the small fishes have already finished their accumulation so now they want action. since they have low faith in whales letting the price go up they stick to spreading nonsense FUD to go the other way and make profit in that direction

I'm not surprised specially the news coming from CCN. They wanted some action and probably bored with what's going on in the last 3 months and started to create FUD. Bitcoin's price seems to be very stable at the $3000 high's so I don't see the price sinking to $1850, it doesn't makes sense. Although we struggle to breach $4000 again, it doesn't mean the price could go on another massive drop. So yeah, this is just another nonsense FUD and I do hope that those who read it won't believed such drop would happen.

[carter34]

I don't see a $2,000 price at this time. It was expected 3 months ago but I think the price has left that zone and heading to $4,000 is the actually sentiment of the market for price to begin bullish.

[arpon11]

I don't see this happen now because the market is currently in another channel base on my trendline analysis.  I don't think bitcoin will go down that way this year again though it is still very possible for this to happen.  In this market I believe that the uptrend is more pronouncing currently and the bearish sentiment is really dying down.  The cryptocurrency market is recovering and that recovering may last for a very long time before we can see another market directions again.

[wuvdoll]

Oh no I really really don want to experience another steep wild downfall. It is really painful when seeing my savings are melting down. In recent times, this types of topics got reduced in numbers but again seeing one and spreading enough FUDs. Other than support and resistance details, there is no enough things were stated for justifying why it may fall down to $1850. It seems that they want to match up with the price levels happened in January 2015 but in 10fold. After experiencing more than a year of downfall markets, I guess I will still hold tight my bitcoins to face "anything". Still, praying to God, like most other speculation, this too must go "actionless".

[BitMaxz]

I'm sure this is another paid article to start FUD to take down the price of bitcoin. I saw another thread from bitcoin discussion section where someone posted a different article but in the same source CCN.

It seems there is a big trader who wants to buy bitcoin at a lower price. I hope those people who posted this kind of article realize that it can't help bitcoin to grow again.  There is no exact prediction or analysis and I believe that the price of bitcoin will stable around $3k to $4k these following months until the ber months we will see again the price is rising.

[Oceat]

I would rather wait and see if what you were talking about could actually change the entire market. Aren't you happy about the stable price of Bitcoin that you want to show some FUD to let others think that it will be going to shrink on that level?

It may be bearish now but $1850 is just too low that in my opinion doesn't match the previous bottom.

[exstasie]

it seems to me like day traders are starting to get bored with the stable bitcoin price again since most of the small fishes have already finished their accumulation so now they want action. since they have low faith in whales letting the price go up they stick to spreading nonsense FUD to go the other way and make profit in that direction

It just depends where you look. When the price is sideways, everyone's got an opinion. If you ask this trader, he says we'll never see $3K again, let alone $1,850: https://bitcointalk.org/index.php?topic=5120602.0

Personally I think it's still too early to call. Towards the end of 2019 I'll probably have a strong opinion about whether the bottom is in. Right now it's only been a couple months since the last crash. It could be a bearish consolidation and we're going lower or it could be the very beginnings of an accumulation phase. After a 1+ year bear market we need several months more accumulation, and then we need to break up from that accumulation phase, before we can start assuming the $3K level is the bottom.

Until then, many trend traders will keep playing the bear side and assuming the downtrend will continue.

[BitHodler]

It may be bearish now but $1850 is just too low that in my opinion doesn't match the previous bottom.

It's not too low if we visit sub $2000 levels and we stay there for months. It's low when we visit sub $2000 levels and we pump straight above it rapidly. We only find out when it actually happens.

The funny thing about people saying that certain levels are low, is that they don't actually use that as an opportunity to buy because they don't think it's low at all. People wanted badly wanted to buy below $10k, where are these people?

It's just the market doing its thing and people go with the flow, which means that they sell what tanks and buy what pumps. Hovering below $4000 means that current levels are NOT low. Accept it.

[thecodebear]

According to the analyst, in mid-2017, Bitcoin remained in the $2,400 region for several months before dipping to $1,850 and establishing a bottom following the Bitcoin Cash hard fork, which led to a bearish trend in the market.

Well none of that sentence is true. just none of it.

[thecodebear]

Going under $3000 at this point looks highly improbable. Its been a full 3 months since the low of $3100s and right now Bitcoin has been stable in the 3700s and 3800s. It will likely stay in the $3000s for a few more months I would bet, but to suggest a 50% crash at this point is a bit preposterous. I mean anything could happen, but I'd put that at like a 1% chance of happening. Right now I'd put Bitcoin even hitting its $3100 low again at like only 20% chance - unlikely but possible.

[el kaka22]

So our prediction basis is someone named "bleeding crypto"? Wonder why someone named bleeding crypto would make predictions about bitcoin going down... I mean from just his username of "bleeding crypto" it looks like this dude usually always says positive things about crypto and pretty much is a big bull guy but said it will go down just for this once.

Lets not kid ourselves bitcoin will not go down to 1850, the only and ONLY reason for bitcoin to go down that much would be some huge whale selling thousands and thousands of bitcoin all at once just like Craig did in November, there is absolutely NO WAY other than that for bitcoin to drop to 1850 dollars. I am not saying we are going to be 20 thousand dollars in couple months but if we are going to drop it won't be that further down for sure.

[Capt00]

Going under $3000 at this point looks highly improbable. Its been a full 3 months since the low of $3100s and right now Bitcoin has been stable in the 3700s and 3800s. It will likely stay in the $3000s for a few more months I would bet, but to suggest a 50% crash at this point is a bit preposterous. I mean anything could happen, but I'd put that at like a 1% chance of happening. Right now I'd put Bitcoin even hitting its $3100 low again at like only 20% chance - unlikely but possible.

We are the same perspective view in the movement of crypto price in the market, it is impossible that the price will back and crash into $1,850 which is now is going back to bullish trend. However, this is the only speculation but the fact is we don't know yet what is possible to happen. Patiently wait is the key to success, I believed.

[The Sceptical Chymist]

Earlier this month, after Bitcoin cleanly broke out of $4,000 but failed to break out of the crucial $4,200 resistance level, the technical analyst said that a drop to $2,400 to $3,100 is likely to be the next near-term move for BTC.

Yeah, I'll believe it when I see it--and I'd also love to know their definition of "near-term".  Without giving an exact time frame, these predictions are more or less useless.  This is one of the reasons why I don't put much stock in technical analysis, no offense to all of you traders who do.

In the meantime, at least bitcoin isn't dropping a hell of a lot.  Since it's been stalled at roughly $3500, it's been very useful as a currency and I've been using it as such more than I ever have been.  True, I'd love it if bitcoin shot back up to $20k and beyond but since I recall times when it was trading at $300 (and even lower than that), the price we're at isn't so bad.  And there's a lot to be said for a currency having a little bit of stability.

[suzanne5223]

it seems to me like day traders are starting to get bored with the stable bitcoin price again since most of the small fishes have already finished their accumulation so now they want action. since they have low faith in whales letting the price go up they stick to spreading nonsense FUD to go the other way and make profit in that direction

Although, bearish market is still exist in the market but there's no tangible reason why the market bitcoin price will sink to the mentioned price range and I believe the technical analyst which predicted the price to sink only said it base on no much improvement in the market.

[exstasie]

Earlier this month, after Bitcoin cleanly broke out of $4,000 but failed to break out of the crucial $4,200 resistance level, the technical analyst said that a drop to $2,400 to $3,100 is likely to be the next near-term move for BTC.

Yeah, I'll believe it when I see it--and I'd also love to know their definition of "near-term".  Without giving an exact time frame, these predictions are more or less useless. 

Why is that? If you have an edge in knowing where price will go, time won't stop you from profiting. It'll only delay your profits.

Time is the absolute least predictable aspect of markets. In fact I immediately write off most attempts at timed predictions as nonsense from inexperienced traders. What's more is these analysts mistakenly apply past time and fractal models to the current chart, which makes no sense since Bitcoin moves at a glacial pace compared to years ago. With each passing day it moves slower and slower.

I really like Tim West's approach to this issue. He looks at price consolidations, measures the time price spent there, and uses that as a gauge for how to time the subsequent breakout trend. If price doesn't follow through before "time is up" that's a signal the market successfully bucked the trend and we should start looking for a reversal to trade in the other direction. So Tim doesn't look at time in terms of prediction but instead uses it to prove or disprove his trade setups.

In general people should just stop making predictions and start focusing on how to react to the market. Entering a trade because your system says there's a 60%+ chance of banking profit ≠ prediction. It's just reacting to market conditions that are reproduced so many times that we can profit from them on the basis of probability.

[Slow death]

Oh, the old predictions are back. When the price is stable for a long time, people start to get upset and lose faith and begin to make the lowest predictions possible. this has been one of the biggest crypto problems since years. How did come to the conclusion that the price would fall to $ 1800? when the price was $ 3400 many people said it would fall to $ 2000, I believed it and I kept my money waiting for the price to drop and the price went up to $ 4000. Haff, it was a lesson I learned, we should just read the news and never trade based on these news

[Stedsm]

OP, you believe that this ongoing stable pattern would follow that dump that took place after a stable period of $6-7k range? It truly indicates the fact that this article is more or less being compared to old times when BTC fell down below 50% in a few moments. But trust me, not just is the momentum bullish but there are lots and lots of great news and reasons as to why BTC could get back over $6k and maybe $10k any time soon. The long-awaited bull flag seems to have been broken and history is the evidence that whenever these breakouts occurred after such long wait, BTC had always chose to go up rather than the direction you're talking about.

[1Referee]

Going under $3000 at this point looks highly improbable. Its been a full 3 months since the low of $3100s and right now Bitcoin has been stable in the 3700s and 3800s. It will likely stay in the $3000s for a few more months I would bet, but to suggest a 50% crash at this point is a bit preposterous. I mean anything could happen, but I'd put that at like a 1% chance of happening. Right now I'd put Bitcoin even hitting its $3100 low again at like only 20% chance - unlikely but possible.

It all depends on the 200 wma in my opinion. As long as we respect it, the most we can expect are wicks trying to dig deeper, but as long as there isn't a weekly close below that moving average, there is not much to worry about. A weekly close below the 200 wma would definitely make me short Bitcoin, because the bloodbath will continue in that case.

It's highly unlikely, but if the market is really out of steam, and we get that weekly close, you don't want to be that sucker hoping for better times while only worse is what you'll be exposed to.