Parabolic Bitcoin Price Structure In Danger: Cycle Climax Or Risky Reset?

Bitcoin price is now below $50,000 for the first time in a month, and despite the still-high prices the market is in a panic.

Rewind to only just a week or so ago, and full blown exuberance was in the air.

Things have certainly been going well for the asset class, garnering support from brands like PayPal, Venmo, and even Tesla.

The chart above demonstrates just how risky the situation is right now for the leading cryptocurrency by market cap.

The tool has called several important tops, including two out of three that led to extended bear markets in Bitcoin.

A fall of that size would also suggest a bear market, sooner than most would have expected.

While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.

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