Bitcoin (BTC) Price Poised For One More Drop Under $7,000? Analyst Thinks So

Cryptocurrency trader Mexbt recently noted that he’s short on Bitcoin from $7,575, remarking that he sees downside potential into the $6,900 range, now just 4% or 5% below the current price of $7,150.

The reason: he believes that a move to drop into this range would form an inverse head and shoulders bottoming formation on his chart, which should be followed with a bullish breakout to the upside “around February-March 2020.”

I’m currently short Bitcoin from $7575. Targeting $7.2k (CME gap) then $6.9k to potentially complete this inverse head and shoulders bottom, and exit from this channel around Feb-Mar 2020 🚀 pic.twitter.com/Y52MTIcmZS

— mexbt (@stackxbt) December 23, 2019

This expectation has been echoed by another trader, who recently noted that he expects for Bitcoin to see a slow bleed from here. Though he didn’t give a target like Mexbt, his chart shows the existence of a horizontal support just above $7,000, implying that BTC…