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One of the most popular crypto analysts on YouTube says he’s betting on Bitcoin dropping all the way down to $6,000.
Nicholas Merten (aka Datadash) says the price of BTC needs to push well above the $8,000 mark in order to prevent another plunge in the price. If that doesn’t happen soon, Merten says BTC appears to be on track to continue its recent reversal.
“With the volume that we’re getting, if this continues to build, we’re already outpacing yesterday’s volume here early in the day for June 4th. I’d have no doubt that if we can’t get past $8,000, which we are pushing quite close to – if we can’t get past this resistance level here around the $8,000 range and really start moving up with some serious volume… I’m really betting on this going back to $6,000.
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I hate to say it guys, it just honestly feels that when you have these kinds of near 3x run-ups from the lows, when we went down from $3,100 up toward the $9,000 range, you’re going to get about 30 to 40% retracement in my opinion. With Bitcoin, historically that’s what you see and a lot of markets as well that move in that kind of nature. In fact, you usually see sharper corrections in other markets.”
Right now, Bitcoin’s spiral continues, with the leading cryptocurrency down 10.17% at $7,667 according to COIN360. Ethereum is down 7.96% at $240.51 and XRP is down 10.48% at $0.3951.
CoinDesk’s Omkar Godbole says Bitcoin could continue to struggle, with its weekly chart indicating buyer exhaustion.
Bitcoin
CoinDesk – Long-term support level may struggle to revive bitcoin price rally
FXStreet – Bearish correction might turn to be deeper than initially expected
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Ethereum
Blockonomi – ETH bulls now likely to fail near $255
Coinspeaker – Bearish momentum expected to push Ethereum price down further
XRP
FXStreet – XRP/USD heavy supply observed running from $0.4450-0.4600
CryptoPotato – XRP tries to hold crucial $0.40 level, but situation looks fragile
Litecoin
Blockonomi – Lower lows indicate downtrend starting
FXStreet – Litecoin might be preparing to sink to $60
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