ropping below $8,000, Bitcoin (BTC) has not regained much of what it lost on Friday’s trading and had even fallen to $6,735 (as of press time). Now, analysts are predicting for things to get a little worse for BTC before it gets better — a further drop to $6,000.
Analyst Filbfilb, who recently got a mention from Tony Vays and Willy Woo in a Youtube discussion because of his accurate annual Bitcoin price outlook, calls for a BTC bottom at $6,000.
His analysis points to a descending channel that bounded BTC’s prices since July. The chart shows that BTC is at the bottom of the channel and that a bounce off is likely to occur. Filbfilb also pointed out that Bitcoin had broken down the descending triangle at $9,550, and the trendline he drew from the July 18 low that measures that same height of the triangle extends to a technical target of $6,166.
BeingCrypto contributor Valdin Tahiri also noted that the $6,000 price is underpinned by a very long support line that was established since 2011 on a logarithmic chart.
Another analyst, CryptoWelson, sees the same price area as a point for reversal, and he thinks it’s likely to occur before the year ends.
He tweeted, “#Bitcoin looks primed for bottoming out within 2019. After rejecting the resistance I discussed in my earlier calls (above 10k), we’ve seen the markets drop a lot.”
“We’re now entering the 6K range, which I am confident in the bottom! Make sure to accumulate for the next bull run.”
The support zone that CryptoWelson highlighted marks an area — the $6,000 price range — where BTC had consolidated and had bounced off in the past.
Dave the wave, another popular analyts, utilized a similar descending channel for his prediction and offered buying zones within the $5,800-$6,800 price range.
He tweeted, “You wouldn’t want to wait for price to dip below the channel – it was red last time. You’d want to be averaging in, if you’ve dry powder, with price in the channel now that is green.”
“Blood in the streets, red in the buy zone, now is the time to buy… if you have any dry powder that is…”