Bitcoin mega-crash fears as incredible new chart predicts price rocket to $280K in WEEKS
Bitcoin: Cryptocurrecy surges against GBP
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One analyst has forecast that in the first week of February the price of bitcoin could reach $180,000 to $280,000. But as the BTC value charts are following closely those of the late 2017 bull-run trajectory, there are fears this will be followed by a crash, emulating the 2018 cryptocurrency crash. The 2018 cryptocurrency crash was a sell-off of most cryptocurrencies from January 2018 to September 2018 when the entire market collapsed by 80 percent.
This crash was worse than the notorious Dot-com bubble of the late 1990s, which collapsed by 78 percent.
The analyst, going by the name of TechDev on Twitter, tweeted that Bitcoin’s roadmap for the weeks and months ahead will follow a trajectory “according to the fractal that’s predicted its path for 55 weeks”.
A fractal forms on trading charts when a particular price pattern occurs amid larger more chaotic price movements.
The chart analyst has suggested on Twitter that a bullish turning point fractal is occurring.
He states that this will set off a “fork in the road” that could see the price of Bitcoin accelerate rapidly.
The chart analyst has forecast that November will see a price of $65,00 to $85,000.
He followed this with a prediction that December will see a Bitcoin price of $70,000 to $95,000 and a range of $95,000 to $180,000 in January.
Meanwhile, the first week of February could see a $180,000 to $280,000 price range per Bitcoin.
Speaking about the moment when the Bitcoin price starts to rapidly increase, TechDev said, “If we do, I bet it’s the end of November”.
The deviation that the chart analyst is referring to is whether the bitcoin price follows the path of the late 2017 bull-run or continues a slower trajectory, following the price of gold throughout the 1970s.
TechDev continued on Twitter: “Deviation could mean price, time, or both.
“A scenario is we take the blue 2017 BTC path at end November ‘fork in the road’ and top lower and earlier than the gold fractal suggests.
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“Charts and indicators at that time will tell us.”
TechDev has previously been bullish on Bitcoin’s upward trajectory as he also announced in September that, “200-300K Bitcoin looks almost too programmed”.
As of the time of writing, the price of Bitcoin was $61,313.
Meanwhile, the second-largest cryptocurrency by market capitalisation, ethereum, hit a new all-time high on Friday.
This has led market analysts to suggest there will be multiple factors that could result in ethereum rallying to $5,000.
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