Cryptocurrency
Why a Top Analyst Thinks Bitcoin Price Could Fall By 20% Before Bottoming
As reported by NewsBTC, “On Monday, the Bitcoin (BTC) price started to falter. After trading above $7,000 for days on end — a consolidation that forced volatility levels to hit multi-month lows— the cryptocurrency slipped on Monday morning, falling from $7,100 to $6,800 in three five-minute candles, catching many traders with their proverbial pants down. […]
As reported by NewsBTC, “On Monday, the Bitcoin (BTC) price started to falter. After trading above $7,000 for days on end — a consolidation that forced volatility levels to hit multi-month lows— the cryptocurrency slipped on Monday morning, falling from $7,100 to $6,800 in three five-minute candles, catching many traders with their proverbial pants down.
“Despite the fact that the cryptocurrency remains above key supports in the $6,000 region — an area of utmost importance during the 2018 bear market, acting as a ‘make or break’ level for Bitcoin — a top analyst claims that the pain is not over yet.
“According to a recent update from Jacob Canfield, a professional cryptocurrency trader, Bitcoin is not yet near a macro bottom in his eyes. He remarked that the cryptocurrency is likely to see a 20% drawdown from the current level of $6,900 to $5,500, for there is where the 0.786 Fibonacci Retracement of the rally from $3,100 to $14,000 lies…”