Bitcoin may be at risk of a major decline after once again dipping below psychological support at $7,000.
New technical analysis indicates BTC’s next line of support is at $6,500.
BTC may find buyers around that level, reports Bloomberg. But if the leading cryptocurrency breaks below that line, Bitcoin is at risk of a sharp move down to as low as $4,000.
Bloomberg bases its analysis primarily on the fact that Bitcoin has been consistently posting lower lows, and says BTC has likely not yet hit a bottom.
Meanwhile, analyst and founder of Quantum Economics, Mati Greenspan, says it’s not time to push the panic button yet.
Greenspan says Bitcoin’s dip below $7,000 is nothing new, and BTC could sink to about $5,800 without changing its long-term bullish trajectory.
“Saw a few people panicking. Please don’t the price was here less than a month ago…
Any movement within this range is irrelevant in the long run.”