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A growing number of crypto analysts are predicting Bitcoin will continue to slide lower in the coming days – but there’s little agreement on just how low it may go.
Bitcoin is down 6.36% at $10,472 on COIN360 at time of publishing. The rest of the crypto market is down along with BTC, with the market cap of all cryptocurrencies dropping from about $306 billion to $285 billion in less than 24 hours, according to CoinMarketCap.
As Bitcoin continues to sink from a high around $13,000 on Wednesday, analyst Josh Rager says today’s close will be key.
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Rager tells his 49,000 Twitter followers that BTC needs to close above $10,577 to prevent a further drop to around $9,500.
Fellow analyst DonAlt tells his crew of 112,000 that a fractal analysis, which is used to identify recurring price patterns, shows Bitcoin’s current price action looks similar to the peak of the last Bitcoin bull run, with step six on the chart below indicating “doom” could be on the horizon.
“Let me start this off by saying that I don’t really trade fractals, I just observe them, mostly for fun.
Just noting the fact that current price action looks pretty similar to the last top. Would be ironic if the ’19 top played out the exact same way ’17 did.”
YouTube’s popular crypto analyst Nicholas Merten (aka DataDash) says he also believes BTC will continue to move lower in the next day or two but doesn’t agree with analysts calling for a short-term drop to as low as $7,000.
“I do believe we’re going to have another day or two of correction. Breaching this support level [at $10,800] is pretty significant. I think we could easily come down to test previous support [at $9,700], not to mention $9,000 would be a good target because it was acting as resistance in May…
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Most of the people on TradingView, and some people that I even admire in the sense of technical analysis, a lot of them are calling for an absolutely big sell-off down to $7,000 or $8,000 and they’re having really low price targets.
They think it’s going to be a 45% correction or something like that. I turn towards history here and I know that between a 30% to 40% correction is usually a buy on the exiting of the accumulation phase for Bitcoin.”
Here’s an overview of some of the latest technical analysis on Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash.
Bitcoin
NewsBTC – Bitcoin at risk of extended drop to $8,880
FXStreet – Symmetrical triangle in play, focus on Sunday’s close
Ethereum, XRP, Litecoin, Bitcoin Cash
Crypto Daily – Short-term sentiment for ETH/USD remains bearish
FX Empire – Bears take another bite as BCH, XRP and LTC search for support
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