RATE Group | Bitcoin Could Dump to $5,000 If This Pattern Plays Out
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Bitcoin Could Dump to $5,000 If This Pattern Plays Out

26 Dec Bitcoin Could Dump to $5,000 If This Pattern Plays Out

Posted at 15:55h in Bitcoin News by

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The consolidation for the entire month of December has continued for Bitcoin as it holds above key support. If the next moves down are similar to the previous ones however it could soon be as low as $5,000 according to one analyst.

Bitcoin Consolidation Continues

For another day BTC has held above $7,000 as its sideways trading continues. A Christmas day dip to $7,120 was quickly recovered as the asset returned to top $7,200 where it currently trades according to Tradingview.com.

Bitcoin has remained in this range for a month now but technical signals are starting to show signs of another large movement.

Trader and analyst ‘CryptoHamster’ has been observing the Bollinger bands which appear to be squeezing again. This is often a precursor to a large move but overall trends are still bearish.

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