The bitcoin and encryption markets have recently faced tremendous pressure from sellers, which has pushed the price of bitcoin below $10,000, leaving the recent bull market for this cryptocurrency at serious risk.
Analysts are now aware that a similar fractal pattern that emerged during the bear market in 2018 is currently emerging, which may mean that BTC will approach $7,600 in the near future.
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Bitcoin fell below $10,000 because of strong bitcoin shorts
At the time of this writing, the transaction price of Bitcoin fell by nearly 4%, currently at $9,700, well below the daily high of nearly $10,400.
This round of downside price movements was initially triggered last week, when Bitcoin rose sharply to a high of $11,000, but was quickly blocked and began to plummet to its current price level.
Importantly, this bearish price action suggests that although the bulls are trying to push Bitcoin above $11,000, Bitcoin has not yet seen a significant upward trend. As Bitcoin continues to form lower lows, this could cause trouble for Bitcoin in the next few days or weeks.
Josh Rager, a popular cryptocurrency analyst on Twitter, talked about Bitcoin's bearish price behavior in a recent tweet. He explained that if the selling pressure continues to increase, Bitcoin's next step The target price may reach $8,975.
“On the daily chart, the dollar-bitcoin price seems to be creating lower and lower highs and lows. The mark is based on the open and support area of the weekly chart, and the previous support may turn into resistance. If confirmed, we will focus on the support level of $8,975 next week as a potential target."
BTC's 2018 bear market fractal may be staged
Bitcoin may now be verifying a fractal pattern similar to the 2018 bear market formation, which could mean that its next price will reach $7,600.
Another popular cryptographer, Chonis Trading, talked about this possibility in a recent tweet, explaining that the fractal model could cause its price to fall to $7,600 in the near future.
“$BTC – If the 'fractal' of the bear market in 2018 continues to develop in a pattern similar to today, then #bitcoin will move towards $8,000,” he explained, referring to the chart below.
Although it is unclear whether this model will be verified in the next few days or weeks, it is certain that BTC will continue to face strong selling pressure in the near future.