Friday, September 25, 2020

Bears rule the crypto king : BTC to slump below 5K

The Takeaway:

The crypto king Bitcoin fights to rise above the red support zone. The currency currently oscillates near $8,000. Analysts have entered the crypto anticipations, predicting a severe upcoming drop and no sooner ascend in the BTC prices. Bitcoin can breach $7,000 and slide lower to 3k.

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Bitcoin, the dominator in the crypto world, is currently being dominated by the bears. The crypto coin is sustaining a downslide pattern, affecting the crypto market at large. Priorly, the analysts had predicted an upward pricing pull by the bulls; however, the digital currency kingpin showed no such ascend. 

Today, the analysts have predicted another upcoming significant drop in the prices, hinting towards the arc bottom.

 

BTC price’s next stop is lower

Fandorinn, the crypto analyst on TradingView, focuses on short sell, predicting the next stop for bitcoin being lower. According to the examiner, bitcoin prices are on the broader part of the descending triangle. As stated, the price can plunge below $6,500.



NEXT STOP FOR BTC is BELOW by Fandorinn on TradingView.com

 

Bitcoin can drop as far as 3K

skjcolvin, another TradingView analyst foresees a drop. As per the analyst, $6,000 stands as the key red zone support. On analyzing the possibilities below $6,000, the price is predicted to further drop up to $3,000. skjcolvin also calculates $5,500 as the current actual value and hints at a slump in prices beyond this. 



Bitcoin to fall to $6,000 / $3,000 by skjcolvin on TradingView.com

Josh Rager, the crypto trader, envisions the lowest BTC hit between $6,600 to $6,300. 

 

BTC can plunge to new lows

London_fx_club suggests the slide of price to new lows this week. As per the analyst, bitcoin will violate $7,000 and close below, reaching to a bottom of $3,000.



BITCOIN STILL GOING DOWN NEW LOWER LOWS THIS WEEK by London_fx_club on TradingView.com

 

An imminent dip below 6K

TradingView analyst, Jthrasher states short sell, claiming that what goes up must come down. The analyses indicate a further decline in prices below 6K. 



What goes up must come down (and, imo, similar fashion) BTCUSD by jthrasher on TradingView.com

The analysts foretell a fueled ride towards the downfall. Bitcoin might stay under the bear claws and bulls might face disappointment for a longer span. 

The uncertainty is high in the community. Traders are advised to be diligent before making a decision. Your insights about the future of BTC are welcome in the comment section below.  

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Glenn Harper
Glenn Harper
Glenn has only two interests: Bitcoin and Aviation. After completing his graduation from San Diego State University in 2006, Glenn started working in the airlines and aviation industry. Aviation was his only passion before he came to know about bitcoin in 2012 after which he decided to dedicate 8 hours of his day for aviation and 8 hours for learning and writing about bitcoin and the technology behind it. Glenn lives with his wife and a 7-year-old son who mines ethereum on his computer and is also quite passionate about cryptocurrencies.

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