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 BTC to USD 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. You can click on our forecast page to know more about Bitcoin forecast.
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, Bitcoin’s price has corrected down to $4691 with a stable RSI. Meanwhile, the MACD chart has formed a bearish crossover.