Predictions come and go during vulnerable times for the entire cryptocurrency market. As the latest Bitcoin news updates show that BTC managed to go to as low as $6,900 on some exchanges before consolidating the losses at $7,200, one analyst predicts a further decline to $6,000 for the most dominant coin.
The rough week may translate into a hangover for the weekend, some experts think. For the first time in over six months, we can see that Bitcoin (BTC) dipped below $7,000 and further losses are looking very likely at this point.
When it comes to the 2019 crypto rally, we can start to forget it and let it become a distant memory as the year draws to a close. Some analysts believed that 2019 will be the year for Bitcoin (BTC) but from this point, further decline to new levels is definitely an option.
According to the charts, Bitcoin continued its downward slide and did not stop at $7,000. In fact, the cryptocurrency saw smashed support and fell into dangerous ground with a wick down to $6,800. This is the lowest level we have seen since mid-May when the things were all in the opposite direction.
Further decline to $6,000 is in play according to the analyst named @LomahCrypto on Twitter. Even though BTC is moving close to a new $7,300 level, the expert believes that this is nothing but a free fall.
“$BTC moving a bit faster than I thought. Selling climax isn’t here yet imo. Pray that $6,900 holds bc it’s a whole lotta air until ~$6,000 area,” he said.
$BTC moving a bit faster than I thought.
Selling climax isn't here yet imo. Pray that $6,900 holds bc it's a whole lotta air until ~$6,000 area pic.twitter.com/0v6n7LReK4
— Loma (@LomahCrypto) November 23, 2019
With all the support over the past six months looking broken now, the next level to hold is $6,800. However, this would prove that a further decline to new levels is in play. What traders hope not to see is a painful plunge down into the high $5,000 level.
If this occurs, we could be seeing another long crypto winter. For now, the main hopes which are pinned by analysts are related to the halving event next spring which may inject some life back into the cryptocurrency markets.
— Thomas Lee (@fundstrat) November 22, 2019
In the altcoin news and rumors, we can see that there is no escape of the digital avalanche as they are obliterated as usual. The total market cap went below $200 billion and visited the $190 billion areas, too.
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