BTCUSD - Nightmare Scenario; Drop to ~$1300-1600 USD

In the entire history of Bitcoin, the range 1300-1600 has not been tested twice. All other price levels have been tested twice.

This chart demonstrates the possibility of going down to the 1350 support level.

Kommentera:

I actually think this is a real possibility. I have a previous chart calling $1600 levels but I was not too confident.

I am more confident at these very low levels now.

Why?

This type of pullback after a recent rise to $10000 would really kill off bullish sentiment. A sudden vertical rise where the pullback has gone beyond where the rise started.

That's an awful sign and showcases manipulation.

A $1600 price target would not surprise me at this point. Keep in mind there will be relief rallies along the way. Nothing goes straight down (or up).

Keep in mind, as of now, if BTC had 100% market dominance it's price would be 50% ATH levels (at 10,330).

This is the definition of a bear market.