{"id":281642,"date":"2021-06-23T13:31:00","date_gmt":"2021-06-23T10:31:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/need-to-know-this-chart-setup-suggests-bitcoin-will-crash-to-single-digit-thousands-fund-manager-says\/"},"modified":"2021-06-23T13:31:00","modified_gmt":"2021-06-23T10:31:00","slug":"need-to-know-this-chart-setup-suggests-bitcoin-will-crash-to-single-digit-thousands-fund-manager-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/need-to-know-this-chart-setup-suggests-bitcoin-will-crash-to-single-digit-thousands-fund-manager-says\/","title":{"rendered":"#Need to Know: This chart setup suggests bitcoin will crash to \u2018single-digit\u2019 thousands, fund manager says"},"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-6a3664e23bc29\" 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-6a3664e23bc29\" 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\/need-to-know-this-chart-setup-suggests-bitcoin-will-crash-to-single-digit-thousands-fund-manager-says\/#Critical_information_for_the_trading_day\" >Critical information for the trading day<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/need-to-know-this-chart-setup-suggests-bitcoin-will-crash-to-single-digit-thousands-fund-manager-says\/#Steve_Goldstein\" >Steve Goldstein<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Need to Know: This chart setup suggests bitcoin will crash to \u2018single-digit\u2019 thousands, fund manager says<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Critical_information_for_the_trading_day\"><\/span>\n  Critical information for the trading day<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000314440\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000314440\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       The problem with coming up with a value of bitcoin is how can you arrive at one? As its critics point out, there is no intrinsic value. There are no future cash flows to discount, like a stock, because there are no cash flows at all.<\/p>\n<p> One way is to come up with the cost of extraction \u2014 just as for a metal like gold or silver \u2014 using the cost of electricity and the associated computing costs required to mine a bitcoin. Another is to come up with an estimate of the global \u201canti-fiat\u201d market, arriving at a market share, and then working backward.<\/p>\n<div class=\"paywall\">\n       But a third way would be through technical analysis, which involves trying to discern patterns in the charts of price and volume. Like bitcoin itself, technical analysis can be waved away as some hocus pocus that only has value because people think it has value. But if you believe in the world of Fibonacci retracement and Bollinger Bands, read on.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:46.171875%;\" data-mobile-ratio=\"46.171875%\" data-layout-ratio=\"46.171875%\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-358445?width=140&amp;size=2.1658206429780034 140w,\nhttps:\/\/images.mktw.net\/im-358445?width=540&amp;size=2.1658206429780034 540w,\nhttps:\/\/images.mktw.net\/im-358445?width=620&amp;size=2.1658206429780034 620w,\nhttps:\/\/images.mktw.net\/im-358445?width=700&amp;size=2.1658206429780034 700w,\nhttps:\/\/images.mktw.net\/im-358445?width=860&amp;size=2.1658206429780034 860w,\nhttps:\/\/images.mktw.net\/im-358445?width=1260&amp;size=2.1658206429780034 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-358445?width=620&amp;size=2.1658206429780034\" data-enlarge=\"https:\/\/images.mktw.net\/im-358445?width=1260&amp;size=2.1658206429780034\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><\/figcaption><\/figure>\n<\/div>\n<p>       Louis Navellier, the chairman and founder of fund manager Navellier &amp; Associates, says he has identified two head-and-shoulders formations that he thinks suggest bitcoin will fall below $10,000. <\/p>\n<p>Navellier says when he asks individual investors about why they invested in bitcoin, it was more often than not because the price was going up. \u201cIf they bought it just because it was going up, they are also likely to sell it because it is going down. I think a break below $30,000 will lead to major downside, as the vast majority of trading in 2021 was done above that level, leading to what traders call \u2018overhead supply,&#8217;\u201d he says.<\/p>\n<p>The leverage in bitcoin \u2014 sometimes as much as 100:1 \u2014 also would exacerbate any decline, he says. \u201cWhen it crashes this time around, it will be more brutal due to the large number of individual investors involved,\u201d says Navellier.<\/p>\n<p>Bitcoin<br \/>\n        BTCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/31322028\/realtime\" class=\"positive\">+3.72%<\/bg-quote><br \/>\n       on Wednesday morning was trading around $34,000.<\/p>\n<p><strong>The buzz<\/strong><\/p>\n<p>Eric Adams, who is leading the complicated Democratic nomination race to be New York City\u2019s next mayor, reportedly promised \u201ceconomic development, bitcoin, self-driving cars and renewed business,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SallyGold\/status\/1407546278301556738\" class=\"icon none\">according to Politico\u2019s reporter.<\/a><\/p>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le Daily, the pro-democracy <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>paper in Hong Kong, will close, after China imposed a national security law.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Morgan Stanley<br \/>\n        MS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209104354\/composite\" class=\"negative\">-0.28%<\/bg-quote><br \/>\n       is reportedly barring unvaccinated workers from entering its New York City offices, reports said. While U.S. COVID-19 cases are trending lower, they are growing rapidly in a handful of states \u2014 including Missouri and Oklahoma \u2014 with low vaccination rates.<\/p>\n<p>The economics calendar includes the release of preliminary U.S. purchasing managers indexes, as well as new-home sales. The flash eurozone PMI composite rose to its highest level in 15 years. Strategists at Credit Suisse say the gap between bond yields and what is implied by global manufacturing new-order PMI readings is too wide. They expect the 10-year U.S. bond yield to head toward 2% on a six-month view.<\/p>\n<p>Stock futures<br \/>\n        ES00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209948968\/delayed\" class=\"positive\">+0.06%<\/bg-quote><\/p>\n<p>        NQ00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210219788\/delayed\" class=\"positive\">+0.12%<\/bg-quote><br \/>\n       were higher, following the fourth-highest finish for the S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.51%<\/bg-quote><br \/>\n       on record. The yield on the 10-year Treasury<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">1.481%<\/bg-quote><br \/>\n       rose to 1.48%.<\/p>\n<p><strong>The chart<\/strong><\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:98.20312499999999%;\" data-mobile-ratio=\"98.20312499999999%\" data-layout-ratio=\"98.20312499999999%\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-358446?width=140&amp;size=1.0182975338106603 140w,\nhttps:\/\/images.mktw.net\/im-358446?width=540&amp;size=1.0182975338106603 540w,\nhttps:\/\/images.mktw.net\/im-358446?width=620&amp;size=1.0182975338106603 620w,\nhttps:\/\/images.mktw.net\/im-358446?width=700&amp;size=1.0182975338106603 700w,\nhttps:\/\/images.mktw.net\/im-358446?width=860&amp;size=1.0182975338106603 860w,\nhttps:\/\/images.mktw.net\/im-358446?width=1260&amp;size=1.0182975338106603 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-358446?width=620&amp;size=1.0182975338106603\" data-enlarge=\"https:\/\/images.mktw.net\/im-358446?width=1260&amp;size=1.0182975338106603\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><\/figcaption><\/figure>\n<\/div>\n<p>       Japanese stocks have had a rocky few days, sliding over 3% on Monday and then rising over 3% on Tuesday. Analysts at Bespoke Investment chronicled just how many consecutive 3%-plus decline-followed-by-gain over the years, and the subsequent performance, for the Nikkei 225<br \/>\n        NIK,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210597971\/delayed\" class=\"negative\">-0.03%<\/bg-quote><span>.<\/span><br \/>\n       The numbers suggest it is a positive sign for the ensuing 12 months.<\/p>\n<p><strong>Random reads<\/strong><\/p>\n<p>Procter &amp; Gamble\u2019s<br \/>\n        PG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202894679\/composite\" class=\"positive\">+0.04%<\/bg-quote><br \/>\n       Tide is making<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.engadget.com\/tide-laundry-detergent-for-space-151235606.html\" class=\"icon none\"> laundry detergent for space.<\/a><\/p>\n<p>Twin <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/www.asahi.com\/ajw\/articles\/14379240\" class=\"icon none\">panda cubs were born <\/a>in Tokyo\u2019s zoo. <\/p>\n<p><strong>Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern. <\/strong><\/p>\n<p><strong>Want more for the day ahead? Sign up for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.barrons.com\/newsletters?sub=462\" class=\"icon none\">The Barron\u2019s Daily<\/a>, a morning briefing for investors, including exclusive commentary from Barron\u2019s and MarketWatch writers.<\/strong><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Steve Goldstein\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Steve_Goldstein\"><\/span>Steve Goldstein<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/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><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-74CC-4862C33FB6A2%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Need to Know: This chart setup suggests bitcoin will crash to \u2018single-digit\u2019 thousands, fund manager says&#8221; Critical information for the trading day The problem with coming up with a value of bitcoin is how can you arrive at one? As its critics point out, there is no intrinsic value. There are no future cash flows&#8230;<\/p>\n","protected":false},"author":1,"featured_media":281643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-281642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/281642","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=281642"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/281642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/281643"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=281642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=281642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=281642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}