Since Bitcoin topped in June, mainstream haters of cryptocurrencies and related technologies, such as Peter Schiff and Nouriel Roubini, have asserted that BTC is in an “echo bubble.” While many have laughed off this sentiment as pure delusion, the charts may be telling a different story.
Will Bitcoin Fall to $3,000 Again?
An analyst going by James, whose work NewsBTC has covered previously, recently argued that Bitcoin’s current price trajectory is looking “amazingly similar” to how the cryptocurrency was trading in May and June of 2018, which was in the middle of the strong downturn that took BTC to $3,000.
He noted that in both cases, Bitcoin was rejected by horizontal resistance at $9,500, the price has found itself stuck between $7,800 and $5,700, and the RSI has entered into a “bear market zone.”
Should history repeat, Bitcoin may find itself heading back under $6,000 again, then $5,000, and maybe even under $4,000.
Amazingly similar spot we find ourselves in compared to May/June 2018.
If history were to repeat… pic.twitter.com/rSbtPWhpFl
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Author: Nick Chong