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Bitcoin [BTC] nearly touched $9100 on 31st May 2019 before after which it went through a swift fall to a low near $8000. Hence, while Bitcoin [BTC] did break-out of the ascending triangle it has fallen back to test the breakout level.
<figure id="attachment_32673" class="wp-caption alignnone" style="max-width: 1024px;"><figcaption class="wp-caption-text">BTC/USD 4-Hour Chart on Bitstamp (TradingView)</figcaption></figure>
The price of Bitcoin [BTC] at 3: 15 hours UTC on 31st May 2019 is $8264. It is trading 4.37% lower on a daily scale. The total market capitalization of Bitcoin fell below $150 billion.

There was evident FOMO in the market above $8700, with the price breaking new highs almost every week in the past month. Peter L. Brandt expressed the sentiments in a tweet.
<blockquote>“Was today’s correction enough to shake the monkeys (FOMO buyers) from the trees?”</blockquote>
He also suggested that there might be more downside to it, with targets given at $7881 and $7467. Earlier, he had almost correctly predicted the swing trade buy on Bitcoin, which could turn extremely bearish.
<figure id="attachment_32674" class="wp-caption alignnone" style="max-width: 1024px;"><img class="size-large wp-image-32674" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2019/05/btcusd-peter.png" sizes="(max-width: 1024px) 100vw, 1024px" srcset="https://cdn.coingape.com/wp-content/uploads/2019/05/31083743/btcusd-peter-1024x445.png 1024w, https://cdn.coingape.com/wp-content/uploads/2019/05/31083743/btcusd-peter-300x130.png 300w, https://cdn.coingape.com/wp-content/uploads/2019/05/31083743/btcusd-peter-768x334.png 768w, https://www.cryptoknowmics.com/crypto/wp-content/uploads/2019/05/btcusd-peter.png 1354w" alt="" width="1024" height="445" /><figcaption class="wp-caption-text">BTC/USD Price Analysis (Peter Brandt)</figcaption></figure>
A pullback in Bitcoin [BTC] prices was due for a long time. Nevertheless, if the increased demand remains intact, the orders will be filled by people looking to buy the dip. B.Biddles who is bullish in Bitcoin [BTC] tweeted in a small hint,
<blockquote>“So the gap fill crowd is bullish now right?”</blockquote>
While the parabolic rise looks like has come to an end, a correction in price only natural of any asset. However, there are traders like Tone Vays who were expecting about 30% pullback from $8700; a fall to around $6090. Moreover, according to Vinny Lingham, a drop below $6200 would revive the bearish movement experienced during the beginning of the year.

On a further bearish note, a rising wedge pattern has been recognized in the daily chart on Bitcoin [BTC] might break down soon. Furthermore, the MACD is bullish on a weekly chart, but bearish in on a daily and 4-hour chart.
<figure id="attachment_32675" class="wp-caption alignnone" style="max-width: 1024px;"><img class="size-large wp-image-32675" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2019/05/btc-rising-wedge-1024x463.png" sizes="(max-width: 1024px) 100vw, 1024px" srcset="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2019/05/btc-rising-wedge-1024x463.png 1024w, https://cdn.coingape.com/wp-content/uploads/2019/05/31090134/btc-rising-wedge-300x136.png 300w, https://cdn.coingape.com/wp-content/uploads/2019/05/31090134/btc-rising-wedge-768x347.png 768w" alt="BTCUSD" width="1024" height="463" /><figcaption class="wp-caption-text">BTC/USD 1-Day Chart on Bitstamp (TradingView)</figcaption></figure>
<em><strong>Do you think that Bitcoin [BTC] will recover above $8300 or we’ll see a downside? Please share your views with us.
</strong></em>

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<a href="https://coingape.com/bitcoin-btc-8300-fomo-bearish-targets-extended/" target="_blank" rel="noopener">Go to Source</a>
Author: Nivesh Rustgi

Bitcoin [BTC] Falls Below $8300: FOMO Comes to End as Analysts Extend Bearish Target

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Bitcoin [BTC] Falls Below $8300: FOMO Comes to End as Analysts Extend Bearish Target

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