As Bitcoin Plunges Below The Last Bull Cycle High, Here’s A Likely Path Ahead – Benzinga – Benzinga

Bitcoin BTC/USD was plunging over 8% lower on Saturday, breaking down from a bear flag pattern Benzinga called out on Thursday.

The bear flag pattern suggests Bitcoin is heading toward the $15,500 mark on this leg down, because the measured move is about 33%. The measured move of a bear flag is calculated by taking the length of the pole as a percentage and subtracting it from the highest price within the flag formation.

The crypto is unlikely to head that low in one fell swoop, however, and it's more probable Bitcoin will bounce up along the way in order to at least print lower highs as the crypto continues lower in its downtrend.

Crypto winter looks to be in full swing, likely to last many more months if the last crypto winter, which occurred between the beginning of 2018 and mid-2020, is any indication. The harsh reality suggests this crypto winter could stick around for another two years, having only begun last November, when Bitcoin reached a new all-time high of $69,000.

On Saturday, Bitcoin plummeted below $19,915, which was the high of the last crypto bull cycle, which peaked in December 2017, spooking investors with the prospect that much lower prices could be on the horizon.

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The Bitcoin Chart: Bitcoin broke down through the bear flag pattern on higher-than-average volume on lower timeframes, which indicates the pattern was recognized by the algorithms. Although, the crypto is likely to bounce up over the coming daysbecause the sudden drop brought Bitcoins relative strength index (RSI) down to 20%.

See Also:So Will Bitcoin Fall Below $10K, Ethereum Below $500 And Dogecoin Below 3 Cents By The End Of July?

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As Bitcoin Plunges Below The Last Bull Cycle High, Here's A Likely Path Ahead - Benzinga - Benzinga