As the crypto market situation worsens further, a crypto chartist, after weighing in on the present trend of Bitcoin and what to expect next, said Bitcoin may see another huge fall to Tyler Jenks phase 1 line around $1,300.
Known as Nunya Bizniz, the crypto trader said the weekly linear trend of Bitcoin depicts Tyler Jenks Hyperwave. He claimed that this is a clear formation of the Tyler Jenks Hyperwave.
Bizniz said a return to the phase 1 line level would signal the completion of the cycle that would take Bitcoin to $1,300. The crypto chartist said this area has also been identified by crypto trader Tone Vays.
“$1300 also is an area that ToneVays has pointed out as never being retested”, Bizniz said.
While analyzing Bitcoin’s monthly trend, Bizniz said all Bitcoin trendlines have failed. The chartist said if Bitcoin manages to take a rebound, it may be on its way to the $10,000 area back especially if the epidemy dies off.
Nevertheless, he added that a fall to the Tyler Jenks phase 1 line at around $1.3K could also be seen.
“With will this linear 6.5yr trend line with 5 perfect touches and 5 close touches be different? Or do we return to Tyler Jenks phase 1 line at around $1.3K,” Bizniz said.
All trend lines have failed.
With will this linear 6.5yr trend line with 5 perfect touches and 5 close touches be different?
Or do we return to Tyler Jenks phase 1 line at around $1.3K pic.twitter.com/KdIfcrVeMK
— Nunya Bizniz (@Pladizow) March 16, 2020
Last week massive fall slashed the value of the cryptocurrency market by half in less than 48 hours with more than $100 billion wiped out of the market.
Although some analysts have said this would be the last time Bitcoin will see shockwave and a recovery from this would see the digital currency up in the moon, BTC is yet to signal any form of recovery.