The Bitcoin bubble is collapsing

The long sideways movement of BTCUSD got a new direction. It is heading south. The wide range of the Pivot point system lets us assume a fast decline to 6000 and 5511. As long as the price of Bitcoin is below Pivot point, the bearish scenario remains valid.

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Why is the 5511 level marked as an intermediate target in the above chart? Very simple, BTCUSD will drop further down to a level of 400 to 500. There was no fundamental reason for the hype that started in May 2016. The whole bubble was only driven by speculation. Now, the bubble is collapsing and it will fully collapse down to the level that is sustainable. BTCUSD will find solid ground around a level of 400 to 500. 1 BTC = USD 20,000 was nothing more than a nice dream.

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