Bitcoin Crashes below $10k, Analysts Prepare for the Worst.
Bitcoin price crashed more than 30% after experiencing positive price gains over the past few months. Everything culminated with Bitcoin price reaching the highest levels in 18 months at $13,764 (according to Bitfinex pricing). Analysts are now pointing that the “crash” is simply a pullback as BTC price remains trapped in a firm uptrend.
Bitcoin price analyst ArShevelev thinks BTC is developing a corrective price structure that can send the price of the most popular crytpocurrency few dollars below the 8,000 mark. On the other hand, the sudden Bitcoin price sell-off has prompted prominent analysts on the TradingView platform IvanLabrie to prepare for the worst.
Some of the most devoted cryptocurrency analysts depicted recent bitcoin losses in a similar manner. @ivan_labrie also cleverly observed that during previous bullish trends, Bitcoin price usually produced 30% — 50% retracements.
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So, let’s now disseminate what arguments these crypto enthusiasts bring in favor to their forecasts.
ArShevelev — Bitcoin ABC Structure
In his latest forecast, @ArShevelev shared a corrective price action that indicates Bitcoin will reach a target of $7915 during the current pullback. This is a short to medium-term forecast that only maps out the Bitcoin price path during this corrective phase.
This Bitcoin enthusiast doesn’t let himself get carried away by the vigorous sell-off, but instead he brings to the table his technical analysis skills to provide a thoughtful analysis that we can benefit from. To support his short-term bearish view, ArShevelev brings some noteworthy technical evidences.
ArShevelev outlines that Bitcoin is developing an ABC corrective price pattern. This intraday chart pattern can potentially complete wave C between the 1 and 1.272 Fibonacci levels.
The second bearish argument, ArShevelev told his followers is that on the weekly chart Bitcoin has developed a “super bad weekly close,” that ended up creating a very big and bold reversal Pin Bar pattern. According to this new revelation, Bitcoin retracement can extend beyond the initial target of $7,915 and go as low as $7,500.
Looking over his past Bitcoin forecasts, it appears ArShevelev has the skills to correctly forecast the price of Bitcoin. Out of the last 5 attempts, 3 of them prove to be right.
Our next crypto trader prefers to remain on the sideline for now.
IvanLabrie — “No position for now is safer”
Meanwhile, cryptocurrency trader known to the TradingView community as IvanLabrie see some risks in HOD-ling Bitcoin. This fellow crypto analyst employs sentiment analysis to make sense of the recent sell-off. IvanLabrie believes the retracement is just a natural shakeout induced by the big whales.
Unlike any other crypto analysts, IvanLabrie has expert-level grasp of sentiment analysis. More than just that, this Bitcoin fanatic uses long term price charts, like the 2 Month time frame to share his views.
In essence, our fellow crypto analyst imputes the current retracement due to the fact that the “2 month time frame bar,” formed a range expansion pattern last month, which according to his observations is often followed by 30%-50% retracements.
What’s more impressive about his Bitcoin price prediction is that he also outlines an exact timeline for his forecast. IvanLabrie is looking to buy the dips during July and August using a very deep stop loss located at the $5,269 level. If you’re a short-term trader don’t attempt to use such a big protective stop loss.
Looking through IvanLabrie track record, it seems that he has outstanding analytical skills that helped him to correctly forecast Bitcoin trend in three instances out of five attempts.
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