BTC/USD Forecast: Bitcoin Plunges Through Support

Now that we have broken out of this range, the “measured move” could be for Bitcoin all the way down to the $11,000 level.

The nonsense going on in the crypto world right now is basically like being shone on a pack of cockroaches. In other words, a lot of things have been hiding in the dark, and the daylight has them running all over the place. The latest Ponzi scheme has been FTX, and Alameda Research. It turns out that liquidity is something that a lot of these DeFi platforms don’t have, and of course FTX was targeted by its biggest rival, Binance. After dropping to billion dollars’ worth of FTT on the open market, there was a massive “bank run” at the FTX exchange.

What’s been fun to watch is that the CEO of Binance put out a nonbinding letter of intent that he was in fact going to purchase FTX. However, it has since been leaked that the deal is in serious trouble after the books have been looked at. In other words, this whole thing is falling apart.

This has had a negative impact on crypto in general, and now that Bitcoin has not only pierced the $18,000 level during the Tuesday session, but have reached new lows on Wednesday, it looks like Bitcoin is going to continue plummeting going forward. At the time of writing, it is only down about 8%, while Ethereum market is down quite a bit more.

Bitcoin Technical Outlook

  • Now that we have broken out of this range, the “measured move” could be for Bitcoin all the way down to the $11,000 level.
  • That would be a complete wipeout of the bullish move that has been the entire market as of late.
  • In other words, Bitcoin has lost all of its gains just like it did during the last complete wipeout.

We are getting to a point where Bitcoin is going to have to ask serious questions of itself. Quite frankly, institutions got involved and it’s likely that crypto will have to actually grow up and provide some type of real value before it rallies again. I understand that you can use Bitcoin to purchase things, but that is still a very niche market, and most developed markets aren’t even interested in it. Unfortunately, it has been over a decade, and we have yet to see Bitcoin truly take hold in the real world. Sooner or later, it’s possible that we may need to see the crypto markets “put up or shut up” as adoption still seems to be decades away if it ever happens at all.

BTC/USD Chart

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Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

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