{"id":157141,"date":"2021-01-18T15:00:00","date_gmt":"2021-01-18T12:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/the-case-for-bitcoin-price-dropping-to-27k-in-a-possible-bearish-scenario\/"},"modified":"2021-01-18T15:00:00","modified_gmt":"2021-01-18T12:00:00","slug":"the-case-for-bitcoin-price-dropping-to-27k-in-a-possible-bearish-scenario","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/the-case-for-bitcoin-price-dropping-to-27k-in-a-possible-bearish-scenario\/","title":{"rendered":"# The case for Bitcoin price dropping to $27K in a possible bearish scenario"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3be3330a093\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3be3330a093\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/the-case-for-bitcoin-price-dropping-to-27k-in-a-possible-bearish-scenario\/#Which_is_the_short-term_Bitcoin_bottom\" >Which is the short-term Bitcoin bottom?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/the-case-for-bitcoin-price-dropping-to-27k-in-a-possible-bearish-scenario\/#What_happens_to_altcoins_if_30000_breaks\" >What happens to altcoins if $30,000 breaks?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># The case for Bitcoin price dropping to $27K in a possible bearish scenario  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Some analysts say that the price of Bitcoin (BTC) could drop to $27,000 in a bearish scenario if it falls through the $30,000 support area.<\/p>\n<p>The potential drop to $27,000 is conditional in that BTC would have to break down below $30,500, where it strongly bounced from on Jan. 11. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/2a077fac-7764-4683-a064-e07d0cc51c7d.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin whale clusters. Source: Whalemap<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Which_is_the_short-term_Bitcoin_bottom\"><\/span>Which is the short-term Bitcoin bottom?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the foreseeable future, there are three key technical levels at play for Bitcoin: $34,500, $30,500, and $27,000.<\/p>\n<p>$34,500 has been acting as a critical support area throughout the past 72 hours. Each time BTC dropped to this level, it recovered fairly quickly to around $36,300.<\/p>\n<p>If $34,500 breaks, the next major support level is $30,500. This is where Bitcoin recovered from in the big correction on Jan. 11, when $2 billion worth of futures contracts were liquidated.<\/p>\n<p>A pseudonymous trader known as \u201cAlex,\u201d for example, said that if Bitcoin heads back down to $30,000 with no visible buyer reaction, the trade would be to wait for $27,000 or a move back up above $30,000. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/classicmacro\/status\/1350986552369963016\">said<\/a>:<\/p>\n<blockquote><p>\u201cDecision making is dynamic. Nothing is set in stone. But most likely if price heads back down to 30K &#8216;ll be holding off next time. The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>plan is to have ammo to buy the dip (to redeploy). If 30K breaks absolutely no buying until down to 27Ks or back above 30K.\u201d<\/p><\/blockquote>\n<p>Similarly, another popular pseudonymous trader known as \u201cMayne\u201d said that losing $33,000 would likely result in $27,000. Prior to the weekly candle open on Jan. 18, the trader <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Tradermayne\/status\/1350747372490428417?s=20\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cI think we hold here ($33,000) and get a solid bounce going into Monday. If we lose this level, Bitcoin is actually a scam and I denounce any association I ever had with it until $27k.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/3e28a20a-670b-42b5-a4ca-966be3fa8da1.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>4-hour Bitcoin price candle chart with levels. Source: TradingView.com, Mayne<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"What_happens_to_altcoins_if_30000_breaks\"><\/span>What happens to altcoins if $30,000 breaks?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Alex emphasized that altcoins would likely get \u201cobliterated\u201d with 30% to 50% corrections if Bitcoin falls back down to $27,000.<\/p>\n<p>Altcoins are typically less liquid and have a much lower volume than Bitcoin. Hence, during a bear cycle, altcoins often see steeper pullbacks compared to BTC. The trader explained:<\/p>\n<blockquote><p>\u201cIf for whatever reason $BTC falls to 27K, expect alts to get obliterated with 35%-50% intraday pullbacks. So in that scenario, buying alts will be better than buying $BTC. Definitively better buying alts there than buying $BTC on leverage. Identify the winners, and jump in.\u201d<\/p><\/blockquote>\n<p>So far, Bitcoin is slowly recovering from the $34,500 support level, which is a positive trend. It also marks a whale cluster support level, meaning that whales are likely to protect that level with buy orders.<\/p>\n<p>The presence of whale clusters at $34,500 explains why Bitcoin has been seeing strong bounces in that area in the last 48 hours. In the near term, the key to a convincing recovery would be protecting this level.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/the-case-for-bitcoin-price-dropping-to-27k-in-a-possible-bearish-scenario\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# The case for Bitcoin price dropping to $27K in a possible bearish scenario &#8221; Some analysts say that the price of Bitcoin (BTC) could drop to $27,000 in a bearish scenario if it falls through the $30,000 support area. The potential drop to $27,000 is conditional in that BTC would have to break down&#8230;<\/p>\n","protected":false},"author":1,"featured_media":157142,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvMDQ3NTNiMTYtZjUxNy00NjRiLThmZGQtNmJhOGQ0MDg5YmE2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-157141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/157141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=157141"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/157141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/157142"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=157141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=157141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=157141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}