Bitcoin May Be Entering New Bearish Period Before the Next Rally

The entire crypto space was thrilled earlier this year when the price of Bitcoin, as well as the price of most other coins and tokens, started seeing a rally that took them back towards the heights previously seen in 2017. However, prices started seeing drops again — and while these losses were nowhere near the ones in 2018, they still prevented the prices from going further up. Now, some analysts like Dave the Wave (@davthewave) interested in predicting the short-term future of Bitcoin’s price claim that another series of drops might be in the cards.

Time and price fibs on what looks like a mini-bubble in the wake of the big one. pic.twitter.com/AzMcn7faWy

— dave the wave (@davthewave) September 6, 2019

Bitcoin’s Wild 2019 Ride

Based on the charts, it was predicted that BTC price would soon start heading down, potentially by 38%, which would take it down to the $7,000 range. In other words, the BTC price will likely need to see another significant drop before heading back up. However, this might not be such a bad thing. Historically, large drops have often led to major surges that allowed the price to breach old resistance levels and go higher than before, which could be the scenario currently playing out. It should also be pointed out that this is not a certainty, only a probability. Even so, Bitcoin has a long history of indicating certain events, only to do something completely different. Earlier in 2019, many analysts were certain that the BTC price would go below $3,000, and possibly even break below $2,000 before starting a surge to recovery. As is now known, Bitcoin did nothing of the sort. Instead, it surged until nearly reaching $14,000 between March and June of this year. After that, it experienced several drops that took its price to resistance levels near $10,000.

How Will it End?

Another characteristic of Bitcoin, according to its history, is its tendency to see major surges when the year starts coming to a close. However, with its price currently being somewhat stuck between $10,000 and $10,500, BTC needs something to shake things up a bit. The most likely scenario is exactly the one that analysts are proposing — with Bitcoin seeing a serious drop to around $6,500, and then another massive surge as the year starts approaching its end. Once again, there are no certainties when it comes to BTC’s price or behavior. However, there are multiple indications that something like this might go down, and traders and investors should be ready for it if it does come to pass. Buy and trade cryptocurrencies with a 100x multiplier on our partner exchange, StormGain.