The bitcoin bears have come back, almost as fast as the optimism that has recently shrouded the market. The recent attention paid by cryptocurrencies in prime time has brought an uncertain atmosphere, causing the price of cryptocurrency to fall below the level of $10,000 again.
Some well-known traders on Twitter even said that the market will have a larger callback based on today's price. Some people believe that bitcoin prices are currently likely to be as low as $6,000 in the short to medium term.
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Bitcoin "very likely" to return to $6,000?
According to cryptocurrency market analysts, the probability of bitcoin prices returning to the $6,000 range in the coming weeks or months is greater than zero. The industry’s recently restored optimism seems to have been stifled as soon as it arrives.
This shift in sentiment seems to be related to President Trump’s recent anti-crypto-currency remarks on Twitter, and US Treasury Secretary Steven Mnuchin also called Bitcoin and other digital assets a “state of emergency”. The pace is the same. Although many Bitcoin supporters believe that there is nothing to worry about, all these important institutions and people's voices are good publicity in the field of digital assets, but the overall market seems to have turned to bearish again.
While many traders' Twitter accounts and technical analysts who watched changes in popularity are now pessimistic about short-term bitcoin prices, some say the market will see a much larger downside. Twitter cryptocurrency analyst Dave the Wave showed his reasons for the lower price:
In response, a follower of Dave the Wave asked the trader how much he thought the probability of $6,000 was. He simply replied: "It is very possible."
Dave The Wave is also not the only one who believes bitcoin will be heavily re-adjusted. Tone Vays, a popular YouTube cryptocurrency technology analyst, also claims that large-scale corrections are not only possible but necessary. He believes that the sharp decline in Bitcoin has almost destroyed all the hopes of the Bitcoin market, and at the same time completely destroyed the competitive currency market, which will be needed for the return of this market-valued digital asset to the long-term upward trend.
In his latest issue of Bitcoin Trading on YouTube, Vays said that bitcoin prices have recently been traded in a “no-trade zone”, which essentially means that he can't tell if bitcoin prices will rise or fall. Before falling below $10,000 earlier today, Vays said:
"If the bitcoin price falls below $10,000, I will bear it… If I have to guess what will happen at $11,000, I think it will return to $10,000, fall below $10,000 and continue to fall. ”
He added that he believes there is no resistance in the $9000 area and he expects prices to fall further. Of course, the price of Bitcoin has broken the support of $10,000, so it is now falling according to Vays' forecast.