While many expect to see BTC head to horizontal support around 1800 I believe that is unlikely, especially prior to a rejection of the VanEck ETF proposal which was recently resubmitted after the government shutdown ended. After the last BTC bubble burst, it set up a range which lasted for 10 months prior to breaking out to the upside in October of 2015. A similar range would last through September 2019.
Part of my reasoning has to do with certain fundamentals.
Beyond that, if there is a further breakdown in the price I would expect to see a V bottom and a bounce at $2300 possibly $2280 before returning roughly to these same levels.
Part of my reasoning has to do with certain fundamentals.
- Utilization of BTC doubled in 2018 as compared to 2017 despite the bear market, this trend continues.
- After the bubble burst in past cycles the price also settled in a range that fluctuated between just above and just below mining costs.
Beyond that, if there is a further breakdown in the price I would expect to see a V bottom and a bounce at $2300 possibly $2280 before returning roughly to these same levels.
