Crypto markets rattled, Bitcoin breaks below $10,000 as altcoins crash

Forty-year trading veteran Peter Brandt made the headlines earlier this month when he stated that a violation of the “parabolic phase” that started in December 2018 could ignite an 80 percent correction of the entire parabolic advance.

As Bitcoin continues correcting and now is trading below the $10,000 support level, Brandt reaffirmed that the cryptocurrency market could be about to suffer a major plunge from the high of $310 billion in market capitalization to roughly $150 billion, which will mostly affect altcoins.

An 80 percent correction from Bitcoin’s latest parabolic advance from $3,130 to $13,800 could imply that this cryptocurrency will depreciate to nearly $5,000, which is somewhat more optimistic than Tone Vays’ idea of a move down to $2,800. Although it is too early to tell whether any of these bearish scenarios will be possible or not, this technical analysis will evaluate the different levels of support that could hold BTC from a further drop.

Bitcoin Technical Analysis

According to Josh Rager, a technical analyst, an 80 percent correction will be devastating to most crypto assets, but the $8,000 support level could be able to contain the price of Bitcoin from such as severe decline.

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