Bitcoin Price Likely to Drop to $2,400 & Lure Wall St. to Purchase the Plunge

Jan 21, 2019 at 13:32 // News
Author
Coin Idol
In Silver, the consolidation period timing was more than 90 days, nevertheless, the 500% rally also took around 30 months.

In the latest Bitcoin (BTC) versus Silver (SLV) analogue piece, remarkable similarities can be seen in the charts. Trying to puzzle out the time frame of the consolidation point is very crucial. In Silver, the consolidation period timing was more than 90 days, nevertheless, the 500% rally also took around 30 months. In Bitcoin, the 500% rally took around 9 months.

Therefore, the consolidation time in BTC is around 30 days rather than 90. Any hint as to when the next action happens is decisive as far as trading Bitcoin Derivatives is concerned since timing is everything!   

   

Within the first week of December 2018, BTC was in a consolidation period that, when related using similar time scale as the SLV bubble, would totally break the lag lows of around $3,600 within 30 – 90 days. This thesis is still integral which could lead to a break of the lows in the near future. A 25% selloff in Bitcoin from the latest lows of $3,574 would be to around $2,400.   

   

Silver & Bitcoin Bubbles   

If this happens, fresh institutional actors will penetrate this field to begin reallocating their assets and resources into digital currencies. Since Bitcoin possesses first-mover benefit and name acknowledgement, this would more than likely be the crypto that ‘Wall Street’ takes as a avenue to massively invest in to get cryptoasset exposure.   

   

Last month, analysts generated an analogue piece examining the resemblances of the SLV bubble of 2011 to the latest bubble of Bitcoin. Earlier December last year, Bitcoin was in a consolidation period that, if related on the similar time scale as the Silver bubble, would automatically break the meantime lows of approx. $3,600 between 30 – 90 days.