{"id":407561,"date":"2019-12-17T12:00:08","date_gmt":"2019-12-17T12:00:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=407561"},"modified":"2024-06-11T13:35:21","modified_gmt":"2024-06-11T13:35:21","slug":"top-analyst-bitcoin-price-fall-20-percent","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/top-analyst-bitcoin-price-fall-20-percent\/","title":{"rendered":"Why a Top Analyst Thinks Bitcoin Price Could Fall By 20% Before Bottoming"},"content":{"rendered":"

On Monday, the Bitcoin (BTC) price started to falter. After trading above $7,000 for days on end \u2014 a consolidation that forced volatility levels to hit multi-month lows\u2014 the cryptocurrency slipped on Monday morning, falling from $7,100 to $6,800 in three five-minute candles<\/a>, catching many traders with their proverbial pants down.<\/p>\n

Despite the fact that the cryptocurrency remains above key supports in the $6,000 region \u2014 an area of utmost importance during the 2018 bear market, acting as a “make or break” level for Bitcoin \u2014 a top analyst claims that the pain is not over yet.<\/p>\n

Related Reading: Bitcoin Futures Gap Exists at $11,800; Can Bulls Fill the Gap?<\/a><\/h6>\n

Bitcoin Still Has Potential to Drop 20%<\/strong><\/h2>\n

According to a recent update from Jacob Canfield,<\/a> a professional cryptocurrency trader, Bitcoin is not yet near a macro bottom in his eyes. He remarked that the cryptocurrency is likely to see a 20% drawdown from the current level of $6,900 to $5,500, for there is where the 0.786 Fibonacci Retracement of the rally from $3,100 to $14,000 lies.<\/p>\n

https:\/\/twitter.com\/JacobCanfield\/status\/44616449<\/p>\n

Canfield’s analysis that a move to $5,500 could be had corroborates a similar thought from trader CryptoBirb,<\/a> who noted that Bitcoin still is likely to see one final dump to $5,400-$5,600, which he also pointed out coincides with the 0.786 Fibonacci.<\/p>\n

Birb added that this drawdown would validate a trend seen in previous market cycles, which saw BTC see a short-term bearish though macro bullish throwback to key support prior to a resumption of a parabolic uptrend.<\/p>\n

There’s also Cold Blooded Shiller, a trader who recently suggested that the leading cryptocurrency’s chart suggests that a bottom is not yet in:<\/a> \u201cFrom a volume perspective, there is nothing to me that screams \u201cTHIS IS THE BOTTOM.\u201d For both markdowns and markups we typically expect to see ‘climactic’ volume,\u201d he wrote.<\/p>\n

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This is what I'd like (and expect to see):<\/p>\n

Price coming out of the markdown channel (downside)
Large volume increase (creating an anomaly against prior volume)<\/p>\n

That brings us on to the final piece of information we can use in this set up. pic.twitter.com\/6zB4TWnzk0<\/a><\/p>\n

— Cold Blooded Shiller (@ColdBloodShill) December 7, 2019<\/a><\/p><\/blockquote>\n