Bitcoin has faced a catastrophic fall of price all the more shockingly today as it has traded way below $5000 again. While there is a significant part of the crypto community, which is considering these vanishing price dips as an opportunity to buy premium crypto coins like Bitcoin (BTC), the other part is fearing a complete collapse of the crypto market.
It is to be noted that such huge losses of valuations are not that frequent as last time Bitcoin value was below $4500 in October 2017. If at all the coin extends the fall further, it is likely to form a new 3-year low price mark.
Bitcoin Price Analysis
Bitcoin price today opened above $5200 after it pulled back from yesterday’s high of $5933.
Bit by bit, the Bitcoin price reached below $5000 and eventually below $4900.
For the last 4 hours, the coin has largely been trading below $4880 as it faced rejection at $4910.
After 10:00 UTC, Bitcoin sharply nosedived below $4500 and formed a dip at $4440.
Here, it has traced an inverted head and shoulder pattern, which indicates that the coin may rebound. Confirming the same, Bitcoin bounced back above $4800, but it again saw resistance near the 100% Fib level.
This price move was expected to carry the rebound further, but it didn’t. Even crypto believers like Keith Wareing tweeted regarding Bitcoin’s next target near $5800 price mark.
Do or Die for #bitcoin longed from support of $4400 targeting $5800
— 🦠☣️ Keith Wareing 😷🦠 (@officiallykeith) March 16, 2020
Meanwhile, Tone Vays expressed his prediction noting that the price is less likely to touch the $2k price level.
— Tone Vays – TheFinancialSummit.com (@ToneVays) March 16, 2020
Recently, the Bitcoin’s price has corrected down to $4691 with a stable RSI. Meanwhile, the MACD chart has formed a bearish crossover.