Bitcoin More Likely to Hit $10,000 Than Fall 30%

While Bitcoin saw a 10% jump this week, rallying from the multi-month lows of $6,400 to surge as high as $7,300, there is still a sentiment in the cryptocurrency market that a return to the $6,000s, then a drop to the $5,000s is entirely feasible.

Related Reading: Research Group: Bitcoin’s Halving Unlikely to Catalyze Bull Run, But Here’s What Might

For instance, cryptocurrency trader Mac remarked that $5,100 — 30% lower than current prices — will be the ultimate bottom of the bearish move that has formed. He looked to a  confluence of price levels: the double-month volume-weighted average price, a “price inefficiency fill” level, and the 200-week moving average.

This was followed by Bitcoin analyst Jacob Canfield, who as reported by NewsBTC previously, said that he thinks BTC is not yet near a macro bottom. He thus remarked that the cryptocurrency is likely to see a 20% drawdown from the current level of $6,900 to $5,500, for there is where the 0.786 Fibonacci…