{"id":127990,"date":"2020-03-16T23:29:19","date_gmt":"2020-03-16T23:29:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=127990"},"modified":"2020-03-17T00:51:11","modified_gmt":"2020-03-17T00:51:11","slug":"analyst-this-simple-factor-shows-bitcoin-may-drop-another-40-before-forming-long-term-bottom","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/analyst-this-simple-factor-shows-bitcoin-may-drop-another-40-before-forming-long-term-bottom\/","title":{"rendered":"Analyst: This simple factor shows Bitcoin may drop another 40% before forming a long-term bottom"},"content":{"rendered":"

The global market meltdown seen throughout the past few weeks has shown no signs of slowing down anytime soon, and Bitcoin<\/a> has been firmly exposed to the implications of this \u2013 plummeting significantly from its 2020 highs of $10,500.<\/p>\n

One prominent investor within the blockchain and cryptocurrency industry is now noting that investors should keep a keen eye on a few critical factors that could provide insight into just how low it will fall before establishing a long-term bottom.<\/p>\n

He notes that based on Bitcoin\u2019s recent dip below its 200-day moving average, he believes BTC could plummet as low as $3,000 before bottoming out.<\/p>\n

Bitcoin struggles to find notable support as analysts eye further downside<\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down just over five percent at its current price<\/a> of $5,060, which marks a slight climb from daily lows of roughly $4,500 that was set at the apex of today\u2019s early morning selloff.<\/p>\n

Today\u2019s selloff within the crypto markets has come in tandem with that seen by the U.S. stock market, with the Dow Jones, S&P 500, and Nasdaq all declining nearly 10 percent today.<\/p>\n

Chris Burniske<\/a> \u2013 a partner at venture capital fund Placeholder \u2013 explained in a recent tweet<\/a> thread that he believes BTC very well may decline as far as $3,000 before it begins finding enough support to bolster its price action<\/a>.<\/p>\n

\u201cLots of people asking where BTC bottoms. The short of it is I wouldn\u2019t be surprised to see a retest of our 2018 lows near $3000.\u201d<\/p><\/blockquote>\n

This decline \u2013 should it come to fruition \u2013 would mark a 40 percent drop from its current prices and an over 70 percent plunge from its 2020 highs that were set in mid-February.<\/p>\n

This technical factor supports the theory that BTC may see significantly further downside<\/h2>\n

In order to justify this forecast, Burniske explains that he believes the cryptocurrency\u2019s 200-day moving average \u2013 which was recently broken below by Bitcoin \u2013 suggests that it may drift lower for the coming several weeks before finding significant support.<\/p>\n

\u201cHistorically, I\u2019ve relied on the 200-week moving average (yellow line below) as our bear market bottom, but we fell through that at ~$5500 last Thursday\u2026 But the next really strong support I see is our last bottom (low $3000s). Futures were offered around there in size last Thursday\u2026\u201d<\/p><\/blockquote>\n

This aforementioned support may be enough to catalyze enough momentum to lead the crypto surging higher, although this could mean that the market will see significant further blood<\/a> in the days and weeks ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"

The global market meltdown seen throughout the past few weeks has shown no signs of slowing down anytime soon, and Bitcoin has been firmly exposed to the implications of this \u2013 plummeting significantly from its 2020 highs of $10,500. One prominent investor within the blockchain and cryptocurrency industry is now noting that investors should keep […]<\/p>\n","protected":false},"author":174,"featured_media":128005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,29,15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nAnalyst: This simple factor shows Bitcoin may drop another 40% before forming a long-term bottom<\/title>\n<meta name=\"description\" content=\"One prominent investor within the blockchain and cryptocurrency industry is now noting that Bitcoin could decline another 40% before establishing a bottom.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/analyst-this-simple-factor-shows-bitcoin-may-drop-another-40-before-forming-long-term-bottom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst: This simple factor shows Bitcoin may drop another 40% before forming a long-term bottom\" \/>\n<meta property=\"og:description\" content=\"One prominent investor within the blockchain and cryptocurrency industry is now noting that Bitcoin could decline another 40% before establishing a bottom.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/analyst-this-simple-factor-shows-bitcoin-may-drop-another-40-before-forming-long-term-bottom\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-16T23:29:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-17T00:51:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/bitcoin-hand.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/analyst-this-simple-factor-shows-bitcoin-may-drop-another-40-before-forming-long-term-bottom\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/analyst-this-simple-factor-shows-bitcoin-may-drop-another-40-before-forming-long-term-bottom\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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