{"id":59179,"date":"2020-01-01T09:00:48","date_gmt":"2020-01-01T07:00:48","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=59179"},"modified":"2020-01-01T03:45:00","modified_gmt":"2020-01-01T01:45:00","slug":"if-bitcoin-loses-6000-price-could-rapidly-drop-50-analyst","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/if-bitcoin-loses-6000-price-could-rapidly-drop-50-analyst\/","title":{"rendered":"If Bitcoin Loses $6,000, Price Could Rapidly Drop 50%: Analyst"},"content":{"rendered":"<h2><strong>Bitcoin Bulls Must Hold $6,000<\/strong><\/h2>\n<p>According to Jesse Colombo, an economic analyst and Forbes contributor, Bitcoin is currently in the midst of trading in a massive descending channel formed when the $14,000 peak was put in during June&#8217;s blow-off top.<\/p>\n<p>He<a href=\"https:\/\/www.forbes.com\/sites\/jessecolombo\/2020\/12\/31\/bitcoin-continues-to-trade-in-a-channel-pattern\/#6ed856a56b22\" rel=\"noopener\"> remarked in a Forbes post<\/a> that while Bitcoin is trading aimlessly right now due to light holiday trading volumes, a move to decisively break below the key $6,000 support, which has been a key level to watch for some 18 months now, will lead BTC on a path to &#8220;test its late-2018\/early-2019 lows&#8221; around $3,000 \u2014 50% lower than $6,000.<\/p>\n<p><img class=\"aligncenter\" src=\"https:\/\/specials-images.forbesimg.com\/imageserve\/5e0b7ee00bf81b00072e3e1a\/960x0.jpg?fit=scale\" alt=\"Bitcoin daily chart\" title=\"\"><\/p>\n<h2><strong>Analysts Leaning Bullish; Here&#8217;s Why<\/strong><\/h2>\n<p>As normal, analysts are currently divided over what direction Bitcoin&#8217;s next breakout will take prices. Though it seems that more weight can be given to the bullish argument due to a confluence of positive technical factors that imply growth in the cryptocurrency market is on the horizon.<\/p>\n<p>Full-time trader Cold Blooded Shiller\u00a0<a href=\"https:\/\/twitter.com\/ColdBloodShill\/status\/1211804590976491523\" target=\"_blank\" rel=\"follow noopener noreferrer nofollow\" data-wpel-link=\"exclude\">recently posted the<\/a>\u00a0below analysis of Bitcoin\u2019s Renko candle chart, which shows the price action over the past three years.<\/p>\n<p>While there is little on the chart, the trader drew attention to two previous bouts of price action in BTC\u2019s history, during which the price rallied by 32% and 40%, respectively, after a bullish divergence was formed between his indicator and the price.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Do with this chart whatever you please <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> bulls. <a href=\"https:\/\/t.co\/5hADWZJb5B\" rel=\"nofollow\">pic.twitter.com\/5hADWZJb5B<\/a><\/p>\n<p>&mdash; Cold Blooded Shiller (@ColdBloodShill) <a href=\"https:\/\/twitter.com\/ColdBloodShill\/status\/1211804590976491523?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">December 31, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The same divergence is forming yet again, implying that BTC could soon rally by up to 40%, which would mean the price of the asset would take $10,000.<\/p>\n<p>That&#8217;s not to mention that according to digital asset manager\u00a0<a href=\"https:\/\/twitter.com\/caprioleio\" target=\"_blank\" rel=\"follow noopener noreferrer nofollow\" data-wpel-link=\"exclude\">Charles Edwards<\/a>, who has popularized the talk around Bitcoin miner capitulation over recent months, a \u201cbuy\u201d is rapidly forming on the Hash Ribbons indicator just a few days after \u201crecovery\u201d was signaled.<\/p>\n<p>This is notable. Previous \u201cbuy\u201d signals by the Hash Ribbons came shortly after macro bottoms, followed by fully-fledged bullish reversals. Case in point, the Hash Ribbons printed a \u201cbuy\u201d in the middle of January of this year.<\/p>\n<h2><strong>Bearish Bitcoin Arguments Persist<\/strong><\/h2>\n<p>Sure, bulls seem to have the upper hand, though bearish arguments have persisted.<\/p>\n<p>Per <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-price-likely-drop-30-percent-months\/\">previous reports from Ethereum World News,<\/a> former Wall Street trader Tone Vays said in a BlockTV interview that he still expects for BTC to see the \u201cnext low to come in [during] the first quarter of 2020.\u201d As to where this low in the cryptocurrency market will come in, the long-time cryptocurrency trader looked to the $5,000s, claiming that there\u2019s a high probability Bitcoin will enter that range to put in a fresh low.<\/p>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@fekeshazizo?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Zoltan Fekeshazi<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/cliff?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Bulls Must Hold $6,000 According to Jesse Colombo, an economic analyst and Forbes contributor, Bitcoin is currently in the midst of trading in a massive descending channel formed when the $14,000 peak was put in during June&#8217;s blow-off top. He remarked in a Forbes post that while Bitcoin is trading aimlessly right now due to light holiday trading volumes, a move to decisively break below the key $6,000 support, which has been a key level to watch for some [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":59186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[188,6971,3656],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/59179"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=59179"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/59179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/59186"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=59179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=59179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=59179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}