RATE Group | If Bitcoin Loses $6,000, Price Could Rapidly Drop 50%: Analyst
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If Bitcoin Loses $6,000, Price Could Rapidly Drop 50%: Analyst

01 Jan If Bitcoin Loses $6,000, Price Could Rapidly Drop 50%: Analyst

Posted at 08:09h in Ethereum News by

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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’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 18 months now, will lead BTC on a path to “test its late-2018/early-2019 lows” around $3,000 — 50% lower than $6,000.

Bitcoin daily chart

Analysts Leaning Bullish; Here’s Why

As normal, analysts are currently divided over what direction Bitcoin’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.

Full-time trader Cold Blooded…

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