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.
“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.”
“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.”
“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!”
“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.”
“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”
“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.”
“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.”