Bitcoin Price: Trader Who Called 2019 Rally Says 80% Correction Possible

Bitcoin price closed just below weekly resistance to start this week on a more bearish note, but still held support above $11,000 on July 8.Market visualization courtesy of Coin360.

The pair had come off a broadly more stable weekend's trading, fluctuating between $10,800 and $11,680.

Now, analysts are noting short-term behavior could nonetheless point to lower lows in the coming days and weeks.

Josh Rager, the regular commentator on the current bitcoin price action, noted last week's performance ended on a weekly close below resistance just above $11,440.

"With lower-highs on the 4 hr chart, I'd look to lean bearish as we start the week," he summarized.

Veteran Peter Brandt meanwhile appeared more worried.

Having already warned about the de facto 'death' of the altcoin market, he voiced major concerns about a possible U-turn of bitcoin's own successes, something he had also forecast.

"If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope," he wrote on Sunday.

Others had previously dismissed the idea of such a wild retracement, arguing the state of bitcoin in 2019 meant that around 20% losses were more likely.

The overall cryptocurrency market cap stood at $327 billion on Monday, with bitcoin accounting for 62.1% of the total.