A top analyst just warned the Bitcoin collapse will intensify.
Repeat Of 2014
November 16 (King World News) – Top Citi analyst Tom Fitzpatrick just warned Bitcoin tumble a prelude to bigger collapse: Bitcoin has just crashed below the support level that has held since April of this year on a weekly close basis at $5,922…
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This will be an almost perfect replication of what happened in December 2014 if sustained on a weekly basis. Following that close in 2014 it took just 4 weeks for Bitcoin to more than halve in value in a move that took it below the 200 week moving average for a high to low move of 86% over 12 1/2 months (see chart below).
Bitcoin Collapse Just Getting Started?
At present the 200 week moving average stands at $3,085 (84% below the peak set 11 months ago) with converged trend line support in the $2,975-$3,192 range.
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