Marek Paciorkowski Says Bitcoin Price Could Crash to $100
Marek Paciorkowski – There’s something about a delayed digital currency showcase downturn that leaves bears moving to be the one to wind the last blade in bitcoin’s fight scarred back. The most recent hit originates from Marek Paciorkowski, a monetary market examiner at Clean forex stage Aforti Trade S.A.
Talking in a meeting with Romanian budgetary production Business Audit, Paciorkowski guessed that the bitcoin cost could dive similar to $100, an edge it hasn’t contacted in over five years and a stamp that would put it 99.5 percent beneath the unequaled high it set in Dec. 2017.
“Considering the triangle pattern that the Bitcoin market has been tracing since March 2018 and most importantly the height of this pattern, if a breakout takes place in line with the prevailing downward trend of the descending triangle pattern, the technical target price for the Bitcoin implied by the range of the pattern will come at … USD 100,” he said.
“It may be hard to believe, but everything is possible in the financial markets and this scenario should be taken into consideration, especially if the subsequent attempts to resume the long term uptrend eventually fail and Bitcoin ends up breaching the USD 5,500 level.”
Paciorkowski constructed his verifiably bearish figure in light of exclusive specialized investigation, affirming that the bitcoin cost is gotten in an extreme descending pattern out of which there is a critical possibility that it may not develop.
“Every recovery that we’ve seen so far, starting February 2018 to date, was each accompanied by lower volumes and interest from the buyers and under these circumstances we’ve concluded that ever since marking the USD 11,700 peak at the end of February/beginning of March, we’ve been clearly dealing with a downward trend within the triangle pattern,” he said. “In recent months, we have also been experiencing a contraction in the market’s volatility, as illustrated by the sideways movement in Bollinger Bands, which have acted for many times in a row as support and resistance levels.”
In any case, he said that if bitcoin can figure out how to break above $7,715, he would accept that as a dependable purchase flag. On the other hand, a move underneath $5,613 would be an “unequivocal” offer flag. He clarified, “Should the market keep on following the Bollinger Groups, at that point just breaking over the USD 7,715 level will consider a dependable purchase flag, while dipping under USD 5,613 will be a positive offer flag. “