{"id":303772,"date":"2021-07-20T20:41:04","date_gmt":"2021-07-20T17:41:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/13k-bitcoin-price-predictions-emerge-with-btc-falling-below-historic-trendline\/"},"modified":"2021-07-20T20:41:04","modified_gmt":"2021-07-20T17:41:04","slug":"13k-bitcoin-price-predictions-emerge-with-btc-falling-below-historic-trendline","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/13k-bitcoin-price-predictions-emerge-with-btc-falling-below-historic-trendline\/","title":{"rendered":"# $13K Bitcoin price predictions emerge with BTC falling below historic trendline"},"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-6a3d82b4b190a\" 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-6a3d82b4b190a\" 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\/13k-bitcoin-price-predictions-emerge-with-btc-falling-below-historic-trendline\/#Fractal_targets_12000_to_130\" >Fractal targets $12,000 to $13,0<\/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\/13k-bitcoin-price-predictions-emerge-with-btc-falling-below-historic-trendline\/#Bitcoin_market_analysts_have_mixed_thoughts\" >Bitcoin market analysts have mixed thoughts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/13k-bitcoin-price-predictions-emerge-with-btc-falling-below-historic-trendline\/#Strong_fundamentals_and_bullish_signals_remain\" >Strong fundamentals and bullish signals remain<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># $13K Bitcoin price predictions emerge with BTC falling below historic trendline <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) prices broke below a long-standing support wave that was instrumental in keeping its strong bullish bias intact after March 2020&#8217;s crypto market crash.<\/p>\n<p>Dubbed the 50-week simple moving average, or 50-week SMA, the wave represents the average price traders have paid for Bitcoin over the past 50 weeks. Over the years, and in 2020, its invalidation as price floor has contributed to pushing the Bitcoin market into severe bearish cycles.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/6eab4fab-d2a9-470d-b6a7-2cfc70a9695e.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin price breakdowns below 50-week SMA through history. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>For instance, the 50-week SMA acted as support during the 2018 bear market. The wave helped prevent Bitcoin from undergoing deeper downtrends \u2014 between February 2018 and May 2018 \u2014 as its price corrected from the then-record high of $20,000.<\/p>\n<p>Similarly, the wave provided Bitcoin with incredible support during its correction from its $15,000 high in 2019. Moreover, it held well as a price floor until March 2020, when the arrival of the COVID-19 pandemic caused a global market crash.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fractal_targets_12000_to_130\"><\/span>Fractal targets $12,000 to $13,0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Pseudonymous chartist &#8220;Bitcoin Master&#8221; shared concerns about Bitcoin&#8217;s potential to undergo an 80% average price decline upon breaking bearish on its 50-day SMA. The analyst noted that if the said fractal plays out, BTC\/USD exchange rates could crash to as low as $13,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> just tagged the 50-week simple moving average, let&#8217;s see if the coin doesn&#8217;t break tradition of bouncing at least 50% ($47k) from it before making the usual 80% decline ($13k) from ATH.<\/p>\n<p>\u2014 Bitcoin Master (@drei4u) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/drei4u\/status\/1415283685679460356?ref_src=twsrc%5Etfw\">July 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> dropping after the weekly candle opened below the structure I\u2019ve been watching for a few weeks now. <\/p>\n<p>I expect a bounce between $24k &#8211; $29k largely due to the CME gap at $24615.  <\/p>\n<p>After that, my guess at a bear market bottom would be $12k give or take $2k either side. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/aMi2M45bmf\">pic.twitter.com\/aMi2M45bmf<\/a><\/p>\n<p>\u2014 Keith Wareing (@officiallykeith) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/officiallykeith\/status\/1417138804972998664?ref_src=twsrc%5Etfw\">July 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, Bloomberg Intelligence&#8217;s senior commodity strategist, Mike McGlone, also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1411029952108052485\">highlighted<\/a> the 50-week SMA in a tweet earlier in July, albeit recalling the wave&#8217;s ability to withhold selling pressure. The analyst recommended that investors should not dump their Bitcoin holdings right away on initial dips below the wave.<\/p>\n<p>&#8220;Selling Bitcoin on initial dips below its 50-week moving average in the past has proven a good way to lose money, even in bear markets,&#8221; McGlone explained.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_market_analysts_have_mixed_thoughts\"><\/span>Bitcoin market analysts have mixed thoughts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The latest Bitcoin dip came in the wake of a global risk-on market decline driven by fears that the highly transmissible Delta variant of COVID-19 would slow down the recovery generated by the reopening of economies.<\/p>\n<p>Vijay Ayyar, head of business development at cryptocurrency exchange Luno, noted that Bitcoin could drop further. In comments to Bloomberg, the former Google executive <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-07-19\/bitcoin-makes-another-push-toward-30-000-as-confidence-ebbs\">said<\/a> the BTC\/USD exchange rates could fall to as low as $20,000. Nonetheless, he anticipated the pair to retest $40,000 on the next bounce.<\/p>\n<p>\u201cWe\u2019re going to need to form another base first before resuming another bull trend,\u201d Ayyar noted. <\/p>\n<blockquote><p>\u201cWe are going to be ranging between $20,000 and $40,000 for the rest of the year.\u201d<\/p><\/blockquote>\n<p>Jehan Chu, the founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/07\/20\/bitcoin-btc-falls-below-30000-as-cryptocurrency-market-plunges.html\">placed<\/a> a safe downside target near $25,000 but warned about accelerated sell-offs should bulls fail to log a rebound from the level. He said:\u00a0<\/p>\n<blockquote><p>\u201cQ1\u2032s crypto market momentum has stalled and is threatening further reversal potentially below the $25K levels.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Strong_fundamentals_and_bullish_signals_remain\"><\/span>Strong fundamentals and bullish signals remain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>However, another analyst offered a different, more optimistic perspective on the current position of Bitcoin.\u00a0<\/p>\n<p>James Wo, founder\u00a0 CEO of the global crypto investment firm Digital Finance Group, highlighted on-chain indicators, including an ongoing decline in exchange inflows and active wallet addresses, as a reason to stay bullish on Bitcoin.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/0589ef2c-e71c-4980-84fc-1e481732af64.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin net position change across all exchanges: Glassnode\u00a0<\/em><\/figcaption><\/figure>\n<p>&#8220;Looking at these on-chain indicators, we can say that the majority of investors are waiting for major signals to enter the market again,&#8221; Wo told Cointelegraph.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin bull outlines 7 steps to more fiscal stimulus and higher BTC prices<\/em><\/strong><\/p>\n<p>Data provided by CryptoQuant, a South Korea-based blockchain analytics firm, also provided a bullish setup for Bitcoin, citing the cryptocurrency&#8217;s market-value-to-realized-value (MVRV) ratio.<\/p>\n<p>In detail, the MVRV ratio represents an asset&#8217;s market capitalization divided by realized capitalization.\u00a0When the figure is too high, traders may interpret Bitcoin&#8217;s price as being overvalued, thereby implying selling pressure. On the other hand, when the MVRV value is too low, traders may treat Bitcoin prices as undervalued, implying buying pressure.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/8b0be59b-f9fe-4131-87e3-eb9a88610199.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin MVRV has reached its September 2020 low. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>&#8220;Buying [Bitcoin] at this same level in the past cycle was seen between January to March 2017,&#8221; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/60f6826a6dbd5f119dfe5fb0-We-are-not-in-a-bear-market-MVRV?utm_source=telegram&amp;utm_medium=sns&amp;utm_campaign=Quicktake&amp;utm_content=gaah\">noted<\/a> one of the CryptoQuant analysts, adding: <\/p>\n<blockquote><p>&#8220;It does not sell at the bottom but prepares ammunition for the bottom. Short-term data offer the probability of test at support, good exposure opportunity.&#8221;<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Dubbed the 50-week simple moving average, or 50-week SMA, the wave represents the average price traders have&#8230;<\/p>\n","protected":false},"author":1,"featured_media":303773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvZTg5ODNlZjYtMjA5ZS00ZjA5LTljZGYtMjgyZjBkN2Y5ZjZhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79806,74862,81951,74937,75147,74939,78261,1545,73785,68637],"class_list":["post-303772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-analysis","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-bloomberg","tag-market-analysis","tag-tech-analysis","tag-coronavirus","tag-markets","tag-predictions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/303772","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=303772"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/303772\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/303773"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=303772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=303772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=303772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}