Bitcoin is about to break below the last low at $9200 as the bearish move resumes. Will price dip to $5000 this month? 1 February Bitcoin price prediction below shows why BTCUSD could dip further.
01 February, AtoZForex – The bearish run resumed this week as market cap drops further. Bitcoin made a new low on 17th January at $9200. The rally that followed was corrective and looked like a sideway triangle pattern. Many times in the Crypto market when price goes sideways to complete a triangle pattern, a strong move follows. There was a triangle that completed between 11th and 15th January 2018. At the completion, price dropped about 36% two days after to the $9200 price low. After the dip to $9200, a much bigger similar triangle completed between 17th and 25th as shown in the chart below used in the last update.
It seems price would go into another range-bound move probably between $12500 and $10500. Only a strong break above $13000 could give the bulls any chance. The emerging triangle pattern could continue till end of January waiting for a bearish trigger in February. If this happens, a dip to $5000 is very much likely as suggested in the last update. The second half of February could bring about a relief as price could start a new rally.
Price dropped after the triangle pattern and now heading lower than $9200 to make a new low. In the last update, we had $5000 as the new bearish target. The larger corrective structure is a double zigzag pattern. The chart below shows the breakout of the triangle downside.
1 February Bitcoin price prediction: what next?
The chart above shows a double zigzag bearish corrective move breaking below $9200 low. Wave (y) of Y is also a double zigzag and could be as long as X-(w) fall. That is calculated to be in the region of $5000 (and below). Stay tuned for the next update.
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