Bitcoin Consolidation Could Lead To A Drop To $6,500 For BTC: Analyst

The Bitcoin consolidation period is here – and many best cryptocurrency news sites are reporting about it. According to one analyst, this period could extend and while traders and analysts are looking for the next direction, it could be possible for BTC to drop to as low as $6,500.

In the short term, most of the predictions are of mixed opinion. However, one analyst predicted a big fall before any upward price momentum. For those of you who are not following our Bitcoin and altcoin news, BTC has been range bound between mid-$9,000s and low $12,000s for more than two months. This channel appears to be more and more tighter with little movement over the past week.

The trader and analyst named DaveTheWave has shared his opinion about the Bitcoin consolidation on Twitter. He said that in order to stick to its growth curve, Bitcoin will need to fall back first.
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“Some are wondering why BTC can’t do sideways for a significant period of time [across to the growth curve at this level]. Problem is BTC is volatile and doesn’t do sideways for long. This parabola and correction has always been about chewing up time for it to meet the curve imo,” the trader explained.

Some are wondering why BTC can't do sideways for a significant period of time [across to the growth curve at this level]. Problem is BTC is volatile and doesn't do sideways for long. This parabola and correction has always been about chewing up time for it to meet the curve imo pic.twitter.com/c3qBiu853F

— dave the wave (@davthewave) September 9, 2019

So, a move back to this curve could send prices back to the mid $6,000 price range. Coincidentally, this was the most traded price for Bitcoin during 2018. As the coming altcoin news show, many other cryptocurrencies could be pulled back with this.

In fact, a move of this magnitude putting Bitcoin down to $6,500 would mark a correction of over 50% and extend the Bitcoin consolidation to record lows. The time frame also lines up with the halving event scheduled in May 2020, which is likely to be bullish. What is evident from the chart is a fractal pattern of a descending triangle which dumped massively upon conclusion.

Peter Brand, who is another legendary investor, also shared his two cents on the Bitcoin consolidation period. He pointed out the following:

“In full disclosure, I must inform you that I am long BTC as a position trader. Yet, as a swing trader I must respect classical charting principles. This descending triangle is NOT a descending triangle until it is completed.”

In full disclosure, I must inform you that I am long BTC as a position trader. Yet, as a swing trader I must respect classical charting principles. This descending triangle is NOT a descending triangle until it is completed.

— Peter Brandt (@PeterLBrandt) September 7, 2019