The rapid decline in Bitcoin prices has, of course, fueled the speculation about how low Bitcoin can now fall. The leading trading view Bitcoin Analyst Jacob Canfield is assumed that the low point is at 5500 $ and Bitcoin, not lower falls.
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Bitcoin falls under 6.900 $, indicates downward pressure
The Bitcoin price has fallen in the last 24 hours, with 4.31% under strong downward pressure on 6.839,01 $ like. BTC a few weeks ago established a 7,500-$has left the brand again and fell to lower support levels. Now, it is expected that the Trend will continue – with the potential to reach the final low-point for 5.500$.
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The Bitcoin price to short-term volatility and a corresponding upturn is, however, capable of. Bitcoin wins the pricing of both futures as well as spot markets. For the time being of the exchange and On-Chain-currents slows down, which may display: BTC whales, and long-term bullish Hodler are still in the game.
The futures markets and, in particular, BitMex, could shed light on a further aspect. In the short term, the daily Trading is still a tough fight between bulls and bears to new levels of Support.
The low point could form the beginning of 2020
In the last few days, the General consensus was one floor below is $ 6,000, since the current downward trend was inexorable.
Is the current bottom in for #BTC ?
Is it about to break out or will it make a new low ?— Crypto Damus (@Astro Crypto Guru) December 13, 2019
The overall impression is that none of the support levels is the true low point – and that the downward trend will continue. Bitcoin has also made a series of downward movements, in which the previous support to resistance, which has led to further Short positions, and a bearish attitude.
Other forecasts indicate that the BTC-Trend in January continues, and on the basis of Chinese Mining Pools a Break-even level is reached. Mining was used as an indicator for the robustness of the prices, however, there is no accurate prediction method.
The current cost of mining in China, where at least 70% of all #Bitcoin mining occurs, is around $4,500. This is likely where #BTC wants to head to by January, causing over-leveraged miners to go bankrupt and, like December 2018, it will be the bottom before another 6 month bull run— Intuit Φ Consultants (@Intuit_Trading) December 14, 2019
In spite of the expectations that would recover Bitcoin in December, has reversed the Trend. Now the low point is expected for the beginning of 2020 – with a price recovery in the next few months.
Even at the current level sideways movements are possible. Others, however, a “double bottom formation” with the possibility of a reversal of the trend and a new upward movement.
#BTC double bottom to be confirmed?— Agon (@AgonOstt) December 17, 2019
The sliding prices are showing signs of consolidation, although the timing for a reversal of the trend can be predicted. Bitcoin must maintain its sideways movement – he cannot afford to lose any more support, otherwise it goes down more.