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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