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Analyst Who Predicted Bitcoin’s 2019 Bottom Asserts That $6,000s Are Likely


Analyst Who Predicted Bitcoin’s 2019 Bottom Asserts That $6,000s Are Likely

After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days. BTC’s tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support. One investor touting this forecast is the same individual who, in the middle of last year, predicted a retracement to $6,400 when the asset was rallying well above $10,000. The retracement took place almost down to the dollar, with Bitcoin bottoming very close to $6,400 approximately six months after his prediction.

Bitcoin Could Drop Towards $6,000s, Analyst Fears

Backing his prediction, the trader recently shared the chart below. It shows that Bitcoin’s price action over the past week is looking much like the price action at the $10,500 top in February of this year. The similarities indicate that should Bitcoin trade as it did at the previous top, it will plunge towards the $6,000s by early June — just three weeks ago. Read More...



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