Bitcoin Falls to $6,768 – Here’s What 7 Analysts Are Saying About BTC

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Bitcoin’s precipitous retreat continues.

The leading cryptocurrency is down 7.69% at time of publishing, breaking below key support at $7,000 to a six-month low of $6,768 on CoinMarketCap.

Outlooks on where BTC may head next are pouring in. Here’s a look at the latest from seven crypto analysts. So far, none of the analysts are saying Bitcoin has reached a bottom.

Josh Rager

“18% drop this week and currently trying to hang out to the $6,800s.

Funding still positive, so not overly bearish at this point as $6300s would be an eventual target here, the only question is does it bounce back up to high $7ks before or after the next drop.” 

Scott Melker

“Potential bullish divergence with oversold RSI on every time frame below 12 hours.

Bottom likely close. I wanted to see it on daily, perfectly happy seeing it here. Not confirmed.”

Tone Vays

“Six months ago at Consensus2019, Ran Neuner and I bet on Bitcoin pulling back to $4,500.

Price of BTC was about the same but trending up, now it’s trending down. I’m just as confident today as I was then, six months to go!”

Cole Garner

“Confluence forming around the $6,400 area as BTC’s highest probability bottom.

– Logarithmic channel bottom
– Volume point of control for the last two years
– @filbfilb ‘s estimated mining production cost floor

I don’t expect to see a weekly close below that.”

Mr. Anderson

“The first rule of catching a bottom is:

Don’t try to catch a bottom!

2nd rule (if you can’t help yourself): Wait for a higher low (not that these means bottoms, but, all bottoms will begin w/ one)

3rd rule: Wait for some moving average stability, preferably on a higher TF”

The Crypto Dog

“BTC sliced thru POC and dropped another 15%.

I haven’t been trading much this past week while traveling but I think it’s time to start looking for longs again.

Thick support down to $6,200, I think we see a handsome squeeze shortly.”

Crypto Rand

“It feels like Mid 2017 all over again:

– Everyone panicking on Bitcoin drop
– China banning stuff here and there
– Media calling the death of Bitcoin

But we all know how the year ended.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.