Bitcoin will dump $5000 according to the latest price predictions by analysts who saw the recent price crash for the number one cryptocurrency. After the giant red weekly candle closure, Bitcoin was crushed through another support zone in a drop below the $6,600 and now remains in a very dangerous territory which could result in a further drop as we are reading in the bitcoin news today.
When things go south in crypto markets, it usually happens extremely fast. As the positions get liquidated massively the short-selling avalanche gathers pace and this is exactly what has been going on over the past week or so.
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Over the weekend, bitcoin’s price took a breather and held strong around the $7,200 level for a while but then the bears came to the market again and forced bitcoin to drop to a six month low just above $6,600 according to Tradingview.com
The RSI on the hourly chart is dramatically oversold so there could be a slight recovery here but the further losses are looking likely. One of the reasons why Bitcoin will dump again is because it is continuously getting hammered with a 7% loss on the day and 22% since the same time last Monday. The drop in the weekly candle closing above $7,000 has the analysts confused and predictions of a fall below the $6,000 price range which looks like a harsh reality at the moment.
The trader and analyst Josh Rager eyed the support level for a slight bounce in the $6K region:
“Funding still positive, so not overly bearish at this point as $6300s would be an eventual target here, the only question is does it bounce back up to high $7ks before or after the next drop.’’
Another bad scenario would be a return to the $5 region and this figure is important because it is where the 200-week moving average lies. The technical indicator serves as solid support over 2018 when Bitcoin dropped to the low of $3,200. If the pattern repeats, the bitcoin price could drop back t the support of $5K and hold there before any moves into the positive territory happen. At the moment, this is the worst-case scenario for the price but the market was here once and went past thorough it before.
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