{"id":56951,"date":"2019-09-26T07:45:07","date_gmt":"2019-09-26T05:45:07","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=56951"},"modified":"2019-09-26T07:08:34","modified_gmt":"2019-09-26T05:08:34","slug":"is-the-bitcoin-bull-market-over-it-will-be-if-btc-loses-8000-analyst-says","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/is-the-bitcoin-bull-market-over-it-will-be-if-btc-loses-8000-analyst-says\/","title":{"rendered":"Is the Bitcoin Bull Market Over? It Will Be If BTC Loses $8,000, Analyst Says"},"content":{"rendered":"<h2><strong>Bitcoin On Edge of Losing Macro Bull Trend, Analyst Proposes<\/strong><\/h2>\n<p>Bears are back. After a multi-month long consolidation period,\u00a0<a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/bitcoin-news\/\">Bitcoin<\/a> (BTC) finally broke down earlier this week, quickly losing all semblance of a bull trend in a spectacular fashion. For those who missed the memo, within a few hours\u2019 time, the leading cryptocurrency had fallen from five digits \u2014 <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-crash-8000-market-not-ready-etf\/\">$10,000 \u2014 to $8,000,<\/a> losing the support of a descending triangle pattern.<\/p>\n<p>Since then, BTC has shown some gumption, bouncing by 10% to $8,700 immediately, before settling at $8,400, which is where the cryptocurrency sits at the time of writing this article.<\/p>\n<p>Although this stability has been encouraging for bulls, Bitcoin is purportedly on the precipice of what may be yet another Crypto Winter.<\/p>\n<p>In a <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/1176908909346344962\" rel=\"nofollow noopener\">recent harrowing tweet<\/a>, analyst Crypto Hamster pointed to a long-term technical sign that shows Bitcoin may be on the verge of losing it all. They noted that the lower Bollinger Band on Bitcoin&#8217;s one-week chart is just a few percentage points below the current price of BTC. In fact, this technical level is currently sitting pretty at $7,700 \u2014 just 8% below Bitcoin&#8217;s current price.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin have NEVER dropped below the lower Bollinger Band on a bull market so far. <br \/>Now it is at ~7700$.<br \/>So, either ~8k is a bottom, or this is not a bull market anymore. <a href=\"https:\/\/twitter.com\/search?q=%24BTCUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTCUSD<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> <a href=\"https:\/\/t.co\/1tNIoCzS9g\" rel=\"nofollow\">pic.twitter.com\/1tNIoCzS9g<\/a><\/p>\n<p>&mdash; CryptoHamster (@CryptoHamsterIO) <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/1176908909346344962?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">September 25, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The analyst wrote that &#8220;Bitcoin has NEVER dropped below the lower Bollinger Band in a bull market&#8221;, adding that if that level is lost when this week&#8217;s candle closes on Monday morning, &#8220;this is not a bull market anymore&#8221;.<\/p>\n<h2><strong>A New Paradigm<\/strong><\/h2>\n<p>While a loss of the lower Bollinger Band on Bitcoin&#8217;s one-week chart would likely be a killing blow for those betting on BTC to move higher, is it fair to say that the bull market is over?<\/p>\n<p>No, maybe not.<\/p>\n<p>If you have perused Crypto Twitter at any time over the past 48 hours, you have likely run into discussions about the viability (or lack thereof) of historical analysis\/fractals in this market cycle.<\/p>\n<p>You see, should this selling pressure persist for a few more days or weeks, Bitcoin will break much of the historical precedent it set in previous cycles: moving averages that previously signaled a bull market may be lost, long-term technical indicators may flip red, and BTC may trend negative into and out of a halving.<\/p>\n<p>Thus, many investors and researchers have argued that it may be unfair to apply historical price models to today&#8217;s price action. In other words, a weekly close below $7,700 may not spell the end of a Bitcoin bull run, but may instead show that the cryptocurrency is moving into uncharted territory.<\/p>\n<p>Whether or not this uncharted territory will aid or depress Bitcoin remains to be seen, however.<\/p>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@eiskonen?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Hans Eiskonen<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/bull?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin On Edge of Losing Macro Bull Trend, Analyst Proposes Bears are back. After a multi-month long consolidation period,\u00a0Bitcoin (BTC) finally broke down earlier this week, quickly losing all semblance of a bull trend in a spectacular fashion. For those who missed the memo, within a few hours\u2019 time, the leading cryptocurrency had fallen from five digits \u2014 $10,000 \u2014 to $8,000, losing the support of a descending triangle pattern. Since then, BTC has shown some gumption, bouncing by 10% [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":56953,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6971,7019,162,111],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/56951"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=56951"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/56951\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/56953"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=56951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=56951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=56951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}