RATE Group | Less Chance that Bitcoin Will Crash Towards $6K, Top Analyst Explains Why
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Less Chance that Bitcoin Will Crash Towards $6K, Top Analyst Explains Why

24 Jan Less Chance that Bitcoin Will Crash Towards $6K, Top Analyst Explains Why

Posted at 16:21h in Bitcoin News by

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Bitcoin opened 2020 with a bang, rising by as much as 32 percent in January as investors’ appetite for safe-haven assets grew. However, the price rally is now looking to fizzle.

The bitcoin-to-dollar exchange rate has dipped by circa 9 percent after registering a local top near $9,200. The pair on Friday tested $8,216 as intraday support, hinting risks of an extended downside move that could push the price into a medium-term bearish channel.

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The BTC/USD exchange rate eyes a crash towards $6,000 | Source: TradingView.com, Coinbase

The Descending Channel, as shown in the chart below, could gravitate bitcoin towards the redded support area having a baseline near $6,000.

But

A top market analyst believes bitcoin is less likely to hit the $6,000 level.

YouTuber Sunny Decree explained in one of his latest reports that the cryptocurrency, at best, would fall in the range defined by $7,239 and $7,957. From there, it could rebound towards its prevalent resistance levels, mainly the blacked…

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