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Bitcoin Price: Trader Who Called 2019 Rally Says 80% Correction Possible


Bitcoin Price: Trader Who Called 2019 Rally Says 80% Correction Possible

Possible downturn on the cards for bitcoin price despite sustained $11,000 support

Bitcoin price (BTC) closed just below weekly resistance to start this week on a more bearish note, but still held support above $11,000 on July 8.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data from Coin360 showed BTC/USD in the green at press time Monday, gaining 1.8% in the past 24 hours.

The pair had come off a broadly more stable weekend’s trading, fluctuating between $10,800 and $11,680.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Now, analysts are noting short-term behavior could nonetheless point to lower lows in the coming days and weeks.

Josh Rager, the regular commentator on the current bitcoin price action, noted last week’s performance ended on a weekly close below resistance just above $11,440.

“With lower-highs on the 4 hr chart, I’d look to lean bearish as we start the week,” he summarized.

Veteran Peter Brandt meanwhile appeared more worried. Having already warned about the de facto ‘death’ of the altcoin market, he voiced major concerns about a possible U-turn of bitcoin’s own successes, something he had also forecast.

“If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope,” he wrote on Sunday.

Others had previously dismissed the idea of such a wild retracement, arguing the state of bitcoin in 2019 meant that around 20% losses were more likely.

Altcoins had in fact seen little change in recent days, with the exception of market leader ethereum (ETH), which gained 6% to reclaim the $300 mark.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Tron (TRX) put in the best 24-hour performance in the top twenty assets by market cap, its growth reaching 9%, while other tokens produced no noticeable up or downward moves.

The overall cryptocurrency market cap stood at $327 billion on Monday, with bitcoin accounting for 62.1% of the total.

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