Bitcoin Briefly Crashes Below $10k. Get Ready for the Next Bear Market Analysts Warn

Since the beginning of the year, the price of Bitcoin has grown from approximately $3,700 to an 18-month high after it touched $13,868 (Coinbase pricing). But now the meteoric rise of Bitcoin appears to be stalling. The signs of the bullish trend cooling off are visible and now analysts warns for an imminent deeper correction.

The Bitcoin crash below the big psychological number $10,000 has wiped out more than 15% of Bitcoin value. One particular Bitcoin analyst HiTech thinks the rally is overdone and expects more than just a simple correction, but he sees a full-fledged bear market that will last until 2021.

So, can we say goodbye bull market?

Not so fast, at least according to our next crypto enthusiasts and analyst IgorPorokh who believes is also telling his followers to expect a correction, but a much moderate bearish forecast.

So, let’s dive into the heads of these two devoted cryptocurrency analysts and see what arguments they bring in favor to their forecasts.

HiTech — Bitcoin Downtrend till 2021

In his latest forecast, analyst @fxsignature told his followers to embrace what’s to come even though his scenario for Bitcoin is not what the majority want to see. This analyst foresees Bitcoin not only reversing all the 2019 gains, but even sees the possibility for Bitcoin to surpass the December low if his ABC correction scenario comes to materialize.

TradingView contributor HiTech also gives his followers a timeline for his prediction. In his forecast he mentioned the year 2021 as the year for this dire bear market forecast to complete.

Our fellow Bitcoin analyst brings some technical factors to support his negative prediction and why Bitcoin price has further to fall. As indicated, Bitcoin is developing a large-scale ABC price correction. HiTech also brings some key support and resistance levels to keep an eye on. These SR levels are nothing more than key Fibonacci levels.

According to HiTech view, the bullish market can survive and make “everyone happy” only if Bitcoin manages to break above the resistance level $13,346 — $15,761.

Looking over his past forecasts, it appears HiTech is an astute trader as he correctly predicted the price of Bitcoin in three instances out of his last five attempts.

Our next crypto trader doesn’t share too many details of his forecast, but his chart is self-explanatory.

IgorPorokh — 2018 Fractal

Other traders in the crypto community like @proha_88 a prominent technical analyst shared the same bias, but expects the decline in BTC price to take place at a much moderate speed and depth. IgorPorokh cites Bitcoin historical price behavior and draws a comparison between the current price action and what happened in 2018.

While IgorPorokh doesn’t give too many explanations, it’s obvious that the current price action has a lot of similarities with what happened at the 2018 all-time high. If you want to learn more about IgorPorokh’s thought process, we recommend studying his chart.

When studying fractal patterns we have to keep everything into a context. If we keep the trend proportions in check than the same bearish trend experienced in 2018, placed in today’s price action, should not break below $8,000. IgorPorokh believes the current correction will be contained inside a well-established downward channel.

This crypto fanatic has a well-established track record in providing accurate signals. IgorPorokh correctly predicted were Bitcoin is heading 3 times out of his last five attempts.

Thank you for reading!