The bears may not be finished with bitcoin (BTC) price just yet. With a bounce off the bottom yet to materialize, further losses are looking imminent and some analysts are eyeing a collapse to below $6,000 for the king of crypto.
No Bounce For Bitcoin Price
There has been no bounce off the bottom this time for bitcoin which could be a sign of more pain ahead. Since its huge collapse earlier this week the world’s top digital asset has failed to gain any traction above $8,600. The buyers that were supposed to be massing at this zone are remaining cautious as BTC consolidates just below $8,400.
A fall back to and below $8k is looking likely as the bulls are nowhere to be seen at the moment. Bitcoin’s market capitalization has fallen back to $150 billion and the daily volume is up at $20 billion but it is all outflow at the moment.
The only positive metric for BTC at the moment is market dominance which is still over 70% according to Tradingview. However, that market itself has shrunk by 16% this week as over $40 billion has been converted back into fiat.
Analysts are leaning towards bearish sentiment with predictions going as low as $5,500 by some.
“2 Months ago July the 12th-17th, I called off the Bull Run as one of the first. Not only that, as you can see I told you about targets between 7.4-5.5k.”
2 Months ago July the 12th-17th, I called off the Bull Run as one of the first. Not only that, as you can see I told you about targets between 7.4-5.5k.
Many saw reversals at 9-8k, but AS many until yesterday still thought we would see new highs.
Now look at what ppl say today. pic.twitter.com/xit7aPdcqN
— D4rkEnergY
(@D4rkEnergYYY) September 25, 2019
It seems that it is not just the analysts that are bearish. A survey on CT yesterday garnered over 3,300 responses from the crypto community and over 60% of them foresee a bitcoin price drop below $8k before any sustained move higher.
What happens first?
(Lunch on me, provide today's Bitstamp closing price. $100 of BTC to the person that nails the close to the Dollar (multiple winners would share)
12pm EST on Wallstreet is your submission deadline. RT & give others a chance. Notify me by DM if you win)
— Mr. Anderson (@TrueCrypto28) September 25, 2019
So the 2019 bull run could be over as bears start to dominate things on crypto markets again. If bitcoin price does fall below $7k, or even as low as $6k, things are going to get very messy again for altcoins.
Crypto winter looks set to return for the majority of them which have hemorrhaged most of their gains for the year. There has been no sign of recovery from this week’s double-digit market crash as most of the top crypto assets remain in the red again today.
Ethereum has weakened further and is now trading below $170 while XRP hit a new 20 month low yesterday. Only one altcoin has made any attempt at clawing back some gains today and that is IOTA which is up almost 4%. The rest are still in meltdown.
Will bitcoin price fall back to $6k this time? Add your comments below.
Images via Shutterstock, BTC/USD charts by TradingView, Twitter: @D4rkEnergYYY, @TrueCrypto28