Can Bitcoin Bulls Fend Off a BTC Drop to $6,000? Yes, and Here’s Why
Sorry bulls, the price is slipping once again. Over the past day, the cryptocurrency has trended lower, falling to $10,050 as of the time of writing this. At 2.5% down on the day, BTC isn’t looking bearish per se.
Yet, with volumes decreasing and Bitcoin being caught in a descending triangle chart pattern, which analysts say implies a further price collapse, bearish traders have started to see their theories gain credence.
Popular analyst Dave the Wave that if you were to compare Bitcoin’s current price development to early 2017, a move to “the 7k range is within striking distance”, citing a potential fractal.
If you’re wanting to compare current price development to early 2017 then at least the 7K range is within striking distance….
— dave the wave (@davthewave)
Jonny Moe has echoed this short-term bearish line.