Crypto Analyst Calls for Caution, Says Bitcoin Downside Now at $6,000

A popular crypto analyst says Bitcoin’s downside potential is shifting.

After two months of consolidation, Johnny Moe tells his 16,000 followers on Twitter that Bitcoin may still sink as low as $6,000 in its current market cycle.

“Update: Still anticipating return to the parabolic trend. Previously had ~$5,500 on this chart, assuming a quicker return to mean. Since we’ve consolidated sideways for about 2 months, downside is more like $6,000 now.”

Fellow analyst Crypto Cred tells his group of 139,000 Twitter followers that Bitcoin’s bold move well beyond $10,000 without hitting resistance may indicate Bitcoin just climbed out of a bear trap.

“$10,000 level that was broken support failed to provide resistance when retested. This is usually evidence of a trap (bearish continuation sellers on the S/R flip caught offside).

HTF directional bias favors upside, clearing $10,460s (intraday range high) would cement that.”

Veteran trader Tone Vays, who has predicted BTC will likely end up below $10,000 by the end of the year, says he’s bullish in the short term. If the leading cryptocurrency can crack $11,000, Vays says it could target new yearly highs.

“The weekly chart remains neutral to me. The daily chart remains bullish. I’m still anticipating lower prices sometime this year. This may no longer be the case if we break the top of the triangle. As long as we are in this triangle, this is what I’m expecting. It’s no different than what was happening at the end of the last year when we were making the descending triangle with $6,000 as the floor. Now we’re making the descending triangle with $9,000 as the floor.

Have I been bullish this past week? Yes, ever since we fell down to the low $9,000s, I became bullish. I thought $10,000 would be some resistance, taking us back to the $9,000 area and then we would approach $11,000. We’re approaching it a little earlier, which is fine. The daily chart is still screaming bullish… To me, if we can break this $11,000 zone, then you can start considering potential new highs for the year. But until we break $11k, this is only a move back up into our resistance zone.”