Bitcoin Massive Drop Ahead? BTC To Fall Below $6,000
Among lots of optimistic crypto predictions which have been flooding the crypto space, here’s one that does not sound too great for crypto hodlers.
First of all, it’s important to mention that at the moment of writing this article, BTC is trading in the red on CMC and the coin is priced at $10,568.74.
Bitcoin’s downside potential is reportedly shifting
A popular crypto analyst says Bitcoin’s downside potential is shifting.
After two months of consolidation, Johnny Moe told his 16,000 followers on Twitter that Bitcoin may still sink as low as $6,000 in its current market cycle.
“Update: Still anticipating return to the parabolic trend. Previously had ~$5,500 on this chart, assuming a quicker return to mean. Since we’ve consolidated sideways for about 2 months, the downside is more like $6,000 now.”
The Daily Hodl notes that another analyst who goes by the name Crypto Cred told his followers on Twitter that the bold move of BTC will be beyond $10k and if the coin is not able to hit resistance this could mean that the coin climbed out of a bear trap.
“$10,000 level that was broken support failed to provide resistance when retested. This is usually evidence of a trap (bearish continuation sellers on the S/R flip caught offside).”
Head over to the original article to see more predictions.
Bitcoin bullish prediction
On the other hand, there are also a lot of bullish predictions which keep coming to the crypto space these days, despite the high volatility that the crypto market has been witnessing lately.
Peter Brandt who accurately called out the beginning of the past BTC bear market has now tweeted about BTC’s previous parabolic cycles.
— Peter Brandt (@PeterLBrandt) September 1, 2019
The chart that he shows in his tweet that you can see above is mentioning a brand new potential for a parabolic path that is showing BTC climbing above $100k.
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