Last Saturday’s bitcoin bulls were still taking into account the rebound of the course. An 8% jump when from Friday’s minimum of 7400 dollars (USD) caused them to greet the proverbial goose. Unfortunately, their expectations and hopes turned out to be illusory. Monday morning brought another drop in the Bitcoin (BTC) exchange rate to the level of $6,600 (USD). As we know, this is the lowest level that this digital currency has recorded since mid-May this year. It drops below $7,000 (USD), which makes everyone start asking themselves the question. What happens next?
Why is Bitcoin price (BTC) so important?
Many people believe that the current situation in the digital currency market confirms that Bitcoin (BTC) will fall even more in the near future. According to the well-known trader Walter Wyckoff Bitcoin (BTC), it is very likely that he will close a week with a quotation significantly below 7500 dollars (USD). As recent events have shown, this is exactly what happened.
As you can easily guess, this is a very important issue, because after the last closure of Bitcoin (BTC) below the support level mentioned above, the price of this digital currency recorded a 35% drop in the next three weeks! If this scenario were to repeat itself, the price would be in the range of 4000-5000 dollars (USD). Perhaps it will be the ground from which it will easily be able to rebound and glide upwards.
Will the bitcoin fall to $5,000?
It is worth noting that this level of $5,000 (USD) is forecast not only by Walter Wyckoff, but also by other analysts. For example, according to Macintosh, $5100 (USD) will be the final bottom of the mentioned Bitcoion (BTC) downward trend. He argues from his point of view that at the level mentioned above there is a key correlation between the support levels, i.e. the volume-weighted average price of the last two months and the 200-week moving average.
When will the bitcoin price return to $10,000?
A possible fall of 35%, i.e. reaching $5,000 (USD) for a single Bitcoin (BTC) coin, is also predicted by an analysis and simulation published by 888Velvet. He mentioned the revaluation from the level of $8000 (USD) to the level of $6700 (USD) over a week ago. From the analyst’s report it is clear that the lowest level for Bitcoin (BTC) is between $5,000 and $6,000 (USD). In other words, the analyses of all digital currency experts are more consistent than ever.
Will the beginning of 2020 be an increase or decrease in the Bitcoin exchange rate?
Bitcoin (BTC) falling below $7,000 (USD) is a fact. How much longer will this downward trend continue? At what level will the oldest of the digital currencies eventually stop? These are questions that not only analysts but also members of the crypto-currency community ask themselves. Unfortunately, nobody knows the answers to these questions. Therefore, there is nothing left for us to do but to be patient and wait for what the nearest future and the upcoming Bitcoin (BTC) quotes will bring.