RATE Group | Bitcoin Could Still Plunge to $6,000, Says Top Analyst
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Bitcoin Could Still Plunge to $6,000, Says Top Analyst

10 Feb Bitcoin Could Still Plunge to $6,000, Says Top Analyst

Posted at 16:21h in Bitcoin News by

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Bitcoin plunged deeply a day after it climbed above the $10,000 milestone. And according to one top market analyst, the cryptocurrency could still fall back towards $6,000.

Full-time trader PentarhUdi confirmed that bitcoin is trending in a giant triangle since it established an all-time high of circa $20,000 in December 2017. The cryptocurrency’s jump to $10,000 allowed it to restest the Triangle Resistance for the first time in eight months.

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Bitcoin trending inside a big triangle range | Source: TradingView.com, PentarhUdi

The same level, as shown via a bold redded descending trendline in the chart above, earlier sent prices back. PentarhUdi theorized it could repeat the pattern.

“It is interesting that B-waves inside have impulsive sub counts,” the analyst wrote. “We have wave b of (C) here in its termination state, which shows textbook ending diagonal with falling volume and multiple oscillator bearish divergences. Ending diagonal allows some upside from here even temporary…

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