Bitcoin (BTC) Price Could Drop to $6,500 Before Fresh Rally
A little hopium filled the crypto community over the weekend as Bitcoin (BTC) price attempted a push higher. Sunday saw it evaporate however as all gains were lost again and this morning has been even worse with a fall back below $8,000 again. Analysts are predicting a further 20% dump.
Bitcoin Price Fails to Hold $8k
Over the weekend the solid support at $8,000 has started to turn into resistance as bitcoin price continues to weaken. The past three days have been pretty flat which means there is no bounce and no posse of buyers waiting to get in at this level.
The highest BTC reached over the past 24 hours was $8,200 but by Monday morning in Asia, it had fallen back below $8k once again according to Tradingview.com. At the time of writing, BTC was trading at 00 and looking at further declines.
BTC price 1-hour chart – Tradingview.com
The next level of support for bitcoin price from here lies at $7,500 though analysts are mostly in agreement that it could fall further. Josh Rager has been looking at the monthly chart and has eyed major support in the mid-$6,000 range.
“IMO, the lowest $BTC will hit: between $6300 to $6600 where there is major interest.
Price currently bounced off monthly support & if this area breaks could head to $6600 – based on higher time frames,”
Have been asked how far can $BTC drop
IMO, the lowest $BTC will hit: between $6300 to $6600 where there is major interest
Price currently bounced off monthly support & if this area breaks could head to $6600 – based on higher time frames pic.twitter.com/sBiKFu7qAc
— Josh Rager
(@Josh_Rager) September 29, 2019
This was the most traded price of 2018 so it stands to reason that it could provide the bottom of this downtrend.
Bitcoin price closed a $2,000 weekly candle which is the largest seven-day dump it has had since January 2018. On the daily chart the uptrend for 2019 is still intact but the 50 day MA is dropping closer to the 200 day MA indicating a major trend reversal.
More triangles are being painted on the charts so another breakout could be coming this week according to ‘Crypto Hamster’.
There was a false breakout, then BTC returned back and broke the triangle again after that.
Now it is testing the triangle from the top. Let's see. $BTC $BTCUSD #bitcoin pic.twitter.com/jyKUPqOien— CryptoHamster (@CryptoHamsterIO) September 29, 2019
Elsewhere on Crypto Markets
A further $8 billion has left the space over the weekend as total crypto market capitalization tumbles towards $200 billion. Crypto winter is setting in for many of the altcoins again as a sea of red washes over them all this Monday morning.
Ethereum attempted a spurt of action up to $175 but has dumped back below $170 again today. XRP is getting weaker every day and is now back below $0.24 and the same is occurring with Bitcoin Cash which has fallen below $220 in a 5% slide.
Things could get very messy for crypto markets if the analysts are correct and $6k BTC is inbound.
Will bitcoin price drop as low as $6,500? Add your comments below.
Images via Bitcoinist Image Library, BTC/USD charts by TradingView, Twitter: @Josh_Rager, @CryptoHamsterIO
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