{"id":410384,"date":"2020-01-10T11:00:46","date_gmt":"2020-01-10T11:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=410384"},"modified":"2024-06-11T10:37:54","modified_gmt":"2024-06-11T10:37:54","slug":"why-analysts-think-bitcoin-price-verge-of-crash-6000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-analysts-think-bitcoin-price-verge-of-crash-6000\/","title":{"rendered":"Why Analysts Think Bitcoin Price On Verge of Crash to $6,000"},"content":{"rendered":"<p>After a strong uptrend that brought <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> from $6,800 to $8,450 in a matter of a few days, the cryptocurrency market has started to take a massive breather. Since peaking at the key $8,400 resistance just the other day, the price of BTC has plunged by 8%, tumbling to $7,800 as of the time of writing this article.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2020\/01\/08\/bye-bye-bear-market-bitcoin-reversal-signs\/\">Bye-Bye Bear Market? These Hallmark Bitcoin Reversal Signs Appeared<\/a><\/h6>\n<p>While some say it is too earlier to tell that this is a full-fledged reversal, analysts are wary that this pullback is a precursor to a drop into the $6,000 range, which would likely perpetuate the bear market Bitcoin has found itself in over the past six-odd months.<\/p>\n<h2><strong>Bitcoin Poised to Fall Towards $6,000s, Analysts Assert<\/strong><\/h2>\n<p>CryptoHamster noted that the price action seen after Bitcoin tapped $8,400 has been rather negative.<\/p>\n<p>Firstly, the local volume peak marked the top, seemingly implying that it was a so-called blow-off top, which is a chart formation most often followed by deep retracements. Secondly, the TD Sequential is about to print a sell nine candle, implying a strong bearish reversal in the coming days that will only amplify what has already been seen.\u00a0And lastly, the ADX and Fisher Transform \u2014 two directional technical indicators \u2014 suggest that bears are taking control after the short rally by bulls.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">That drop below 23.6% Fibo looks bad.<br \/>Also:<br \/>\u2013 widening formation (uncertainty)<br \/>\u2013\u00a0the volume peak was at the top<br \/>\u2013\u00a0TD sequential green &quot;8&quot; (if next is &quot;9&quot; \u2013\u00a0a sign of a drop)<br \/>\u2013\u00a0ADX is below 25 (the rising trend is weak)<br \/>\u2013\u00a0a Fisher Transform bearish crossover<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTCUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTCUSD<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/lrIdCCvWgv\" rel=\"nofollow\">pic.twitter.com\/lrIdCCvWgv<\/a><\/p>\n<p>&mdash; CryptoHamster (@CryptoHamsterIO) <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/77127938?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 10, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As to where BTC could end up in this retracement, analysts have looked to the $6,000s, unfortunately enough.<\/p>\n<p>Cryptocurrency trader HornHairs noted that if BTC manages to close the weekly candle on Sunday under $7,870, he will expect a strong move down to the $6,000 flat (a region of key, key macro support), noting that the recent price action is rather indicative of a clear bull trap.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <\/p>\n<p>We got the breakout, which was a good start, but as the weekly chart stands, it looks like a bull trap.<\/p>\n<p>If we close below $7870 on Sunday, my expectations will be a move down to $6k. Very important next few days. Nothing conclusive until Sunday. <a href=\"https:\/\/t.co\/9V4Gia3b4n\" rel=\"nofollow\">pic.twitter.com\/9V4Gia3b4n<\/a><\/p>\n<p>&mdash; HornHairs \ud83c\udf0a (@CryptoHornHairs) <a href=\"https:\/\/twitter.com\/CryptoHornHairs\/status\/38286848?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 9, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Do Bulls Have Any Hope?<\/strong><\/h2>\n<p>With this confluence of bearish analyses, the question remains \u2014 do bulls have any hope?<\/p>\n<p>According to <a href=\"https:\/\/twitter.com\/sawcruhteez?lang=en\" rel=\"nofollow\">Financial Survivalism<\/a>, a pseudonymous analyst that last week called Bitcoin\u2019s surge into the $8,000s when the asset was trading in the high-$6,000s, for sure.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Check out this post on <a href=\"https:\/\/twitter.com\/tradingview?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@tradingview<\/a> to learn why I think <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> will retest all time highs by July 1, 2020. \ud83d\ude80<a href=\"https:\/\/t.co\/IK87UVVpmf\" rel=\"nofollow\">https:\/\/t.co\/IK87UVVpmf<\/a><\/p>\n<p>&mdash; Tyler Coates (@Sawcruhteez) <a href=\"https:\/\/twitter.com\/Sawcruhteez\/status\/38608897?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 9, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In a recent TradingView post, the analyst asserted that he still expects for BTC to hit $20,000 by July 1st of this year, despite the drop that has been seen. He <a href=\"https:\/\/wncen.com\/2020\/01\/09\/bitcoin-surge-150-6-months-why-analyst-thinks-possible\/\">specifically looked<\/a> to the following technical readings:<\/p>\n<ol>\n<li>The Lucid Stop and Reversal has printed a bullish candle for the first time since July 2019, when BTC was trading well above $10,000.<\/li>\n<li>The Average Directional Index on a daily basis has seen the first bullish crossover since March 2019.<\/li>\n<li>The one-week Relative Strength Index for Bitcoin is \u201cgetting ready to test 50,\u201d a level that if broken through may imply dramatic upside.<\/li>\n<li>The one-day Ichimoku Cloud has formed a bullish TK cross.<\/li>\n<\/ol>\n<div class=\"SandboxRoot env-bp-350\" data-twitter-event-id=\"0\">\n<div id=\"twitter-widget-0\" class=\"EmbeddedTweet EmbeddedTweet--cta js-clickToOpenTarget\" lang=\"en\" data-click-to-open-target=\"https:\/\/twitter.com\/Sawcruhteez\/status\/38608897\" data-iframe-title=\"Twitter Tweet\" data-scribe=\"page:tweet\" data-twitter-event-id=\"1\"><\/div>\n<\/div>\n<p>Also, the fundamentals for Bitcoin and the broader cryptocurrency space remain decisively positive. Just the other day, January 6th, the hash rate of the Bitcoin network \u2014 a measure of the computational power being allocated to processing BTC transactions \u2014 hit a fresh all-time high above 120 exahashes per second, signaling that miners are continuing to allocate vast amounts of capital towards this space.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>After a strong uptrend that brought Bitcoin from $6,800 to $8,450 in a matter of a few days, the cryptocurrency market has started to take a massive breather. Since peaking at the key $8,400 resistance just the other day, the price of BTC has plunged by 8%, tumbling to $7,800 as of the time of writing this article. Related Reading:\u00a0Bye-Bye Bear Market? These Hallmark Bitcoin Reversal Signs Appeared While some say it is too earlier to tell that this is a full-fledged reversal, analysts are wary that this pullback is a precursor to a drop into the $6,000 range, which would likely perpetuate the bear market Bitcoin has found itself in over the past six-odd months. Bitcoin Poised to Fall Towards $6,000s, Analysts Assert CryptoHamster noted that the price action seen after Bitcoin tapped $8,400 has been rather negative. Firstly, the local volume peak marked the top, seemingly implying that it was a so-called blow-off top, which is a chart formation most often followed by deep retracements. Secondly, the TD Sequential is about to print a sell nine candle, implying a strong bearish reversal in the coming days that will only amplify what has already been seen.\u00a0And lastly, the ADX and Fisher Transform \u2014 two directional technical indicators \u2014 suggest that bears are taking control after the short rally by bulls. That drop below 23.6% Fibo looks bad.Also:\u2013 widening formation (uncertainty)\u2013\u00a0the volume peak was at the top\u2013\u00a0TD sequential green &quot;8&quot; (if next is &quot;9&quot; \u2013\u00a0a sign of a drop)\u2013\u00a0ADX is below 25 (the rising trend is weak)\u2013\u00a0a Fisher Transform bearish crossover$BTC $BTCUSD #bitcoin pic.twitter.com\/lrIdCCvWgv &mdash; CryptoHamster (@CryptoHamsterIO) January 10, 2020 As to where BTC could end up in this retracement, analysts have looked to the $6,000s, unfortunately enough. Cryptocurrency trader HornHairs noted that if BTC manages to close the weekly candle on Sunday under $7,870, he will expect a strong move down to the $6,000 flat (a region of key, key macro support), noting that the recent price action is rather indicative of a clear bull trap. $BTC We got the breakout, which was a good start, but as the weekly chart stands, it looks like a bull trap. If we close below $7870 on Sunday, my expectations will be a move down to $6k. Very important next few days. Nothing conclusive until Sunday. pic.twitter.com\/9V4Gia3b4n &mdash; HornHairs \ud83c\udf0a (@CryptoHornHairs) January 9, 2020 Do Bulls Have Any Hope? With this confluence of bearish analyses, the question remains \u2014 do bulls have any hope? According to Financial Survivalism, a pseudonymous analyst that last week called Bitcoin\u2019s surge into the $8,000s when the asset was trading in the high-$6,000s, for sure. Check out this post on @tradingview to learn why I think $BTC will retest all time highs by July 1, 2020. \ud83d\ude80https:\/\/t.co\/IK87UVVpmf &mdash; Tyler Coates (@Sawcruhteez) January 9, 2020 In a recent TradingView post, the analyst asserted that he still expects for BTC to hit $20,000 by July 1st of this year, despite the drop that has been seen. He specifically looked to the following technical readings: The Lucid Stop and Reversal has printed a bullish candle for the first time since July 2019, when BTC was trading well above $10,000. The Average Directional Index on a daily basis has seen the first bullish crossover since March 2019. The one-week Relative Strength Index for Bitcoin is \u201cgetting ready to test 50,\u201d a level that if broken through may imply dramatic upside. The one-day Ichimoku Cloud has formed a bullish TK cross. Also, the fundamentals for Bitcoin and the broader cryptocurrency space remain decisively positive. Just the other day, January 6th, the hash rate of the Bitcoin network \u2014 a measure of the computational power being allocated to processing BTC transactions \u2014 hit a fresh all-time high above 120 exahashes per second, signaling that miners are continuing to allocate vast amounts of capital towards this space. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":395334,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[67141,340,428,61183,3504],"class_list":["post-410384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-67141","tag-bearish","tag-bitcoin","tag-drop","tag-price"],"acf":[],"yoast_head":"\n<title>Why Analysts Think Bitcoin Price On Verge of Crash to $6,000<\/title>\n<meta name=\"description\" content=\"After a strong uptrend that brought Bitcoin from $6,800 to $8,450 in a matter of a few days, the cryptocurrency market has started to take a massive\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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