Analyst: Bears can push Bitcoin to 6,000 dollars
Since its 52-week high, the largest crypto currency, Bitcoin, has lost almost a third of its value – even though recovery tendencies have recently begun again. Experts believe that the downward trend can continue significantly.
- Losses in the billions on the crypto markets in recent weeks
- Mark of 10,000 dollars falls temporarily – Analyst believes in Bitcoin case up to 6,000 dollars
- Libra skepticism additionally increases the pressure
- Currently very high trading volume in South America
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After the cops drove the crypto market at the end of June and raised the world’s largest crypto currency to around 13,800 US dollars, the pessimists have now taken the helm again and temporarily pushed the cybercoin below 10,000 US dollars. While investors are feeling insecure, experts believe that the negative performance will continue – even if there have been signs of recovery recently.
Chart analyst sees Bitcoin at USD 6,000
Some experts are convinced that the Bitcoin will fall back towards 6,000 US dollars in the coming weeks and months. At the current price level, this would be a further price slide of almost 40 percent – most recently, the Bitcoin was traded at this level at the beginning of May.
Crypto and chart expert “Dave the wave” also believes that Bitcoin investors will soon see prices around 6,000 US dollars again. On Twitter he described the probability that the crypto currency will fall back to this price mark as “very likely”.
Other experts have recently confirmed that another correction is even appropriate. Tone Vays, a well-known Bitcoin expert who recently declared – in the midst of a crypto boom – that the crypto winter had not yet come to an end, considers a downturn in the entire crypto market to be necessary so that the Bitcoin can rise again in the long term.
Meanwhile, other experts are not quite as pessimistic as Timothy Peterson, US crypto fund manager, expects a decline to 8,000 US dollars.
Libra scepticism brings uncertainty to the market
The downward trends of the past few weeks have been linked by observers in particular to the announcement of Facebook’s own crypto currency Libra. While the news initially caused euphoria on the crypto market, skeptical voices increased in the following days. Most recently, US Treasury Secretary Steven Mnuchin, for example, spoke out and expressed “serious” concerns that Libra could be abused by money launderers and financial supporters of terrorists.
US President Trump had also declared publicly effective that he was not a fan of Libra and had taken a firm stand against digital currencies such as Facebook’s Libra and Bitcoin. After the Fed had also raised concerns and even the G7 finance ministers put the issue on their agenda, the pressure on the cryptographic market increased further.