Over the past week, Bitcoin has been steadily trying to jump over the $10,000 mark. If this happens, we can witness the achievement of the flagship cryptocurrency a new price record compared to June 2019. The rally is getting stronger, Bitcoin is building up strength.
Cryptanalysts also consider the Bitcoin price reversal model at $11,350. In this case, the “bear shark” pattern will play, which is often used by traders to analyze the market situation. The “great white shark” pattern reflects the correction of the price movement depending on the prevailing impulses: bearish or bullish.
Why can the price of Bitcoin go down?
The crypto community froze in anticipation of the consequences of the halving, which are not yet obvious and not indicated. Favorable conditions have been created for Bitcoin today since, in the face of the approaching global economic crisis, many investors are looking for protection against inflation in Bitcoin.
Also a significant portion of the money. printed by the Fed to stimulate the economy and support citizens, redirected to Bitcoins and other solid assets. It should be noted that after the collapse of traditional assets, the trust and reputation of Bitcoin as an asset has grown markedly.
For the “great white shark” to play, Bitcoin must break the level of $10,500. Cryptanalysts predict that the Bitcoin rally will not be long: after reaching the mark of $11,350, the flagship cryptocurrency may reverse. In this case, the harmonic bear shark model will appear, thanks to which Bitcoin will test the lower support levels.
Does the “bear shark” pattern pose a threat to crypto investors?
Traders often use classic patterns to determine the market condition of an asset and help determine the most optimal time to enter the market. In addition to them, the so-called harmonic patterns, which are often named after animals, are also actively used.
In particular, in addition to the “sharks” pattern, such graphic models as “bat”, “crab” and others are distinguished. Depending on the prevailing impulses and correction of the movement of prices, a bearish and a bullish pattern are distinguished.
If the “bear shark” pattern is realized, we can witness a sharp decline in the price of Bitcoin. Some cryptanalysts suggest that the price of the flagship cryptocurrency may drop to levels that were fixed in April. The most pessimistic scenario is the model when Bitcoin drops to “Black Thursday” market indicators.
Falling prices Bitcoin crypto investors can use to their advantage. This is a great time to buy Bitcoin at record low prices.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.