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Analysts Believe Bitcoin Likely to Move Towards $6,000 as Bearish Narrative Unfolds

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Almost as quickly as bullish euphoria recently gripped the market, the Bitcoin bears have returned. An air of uncertainly, brought about by the prime-time attention cryptocurrencies are receiving of late, has seen the price fall once again below the $10,000 level.

Notable trading Twitter accounts are calling for a much more severe pullback, even from today’s prices. Some believe that a price as low as $6,000 is now likely in the short-to-mid-term.

A Return to $6,000 Bitcoin “Quite Likely”?

According to cryptocurrency market analysts, there is a greater-than-even chance that Bitcoin prices will return to the $6,000 area in the coming weeks or months. Recently-returned optimism in the industry appears to have been snuffed out as fast as it arrived.

The change of sentiment appears to have coincided with President Trump’s recent anti-cryptocurrency Twitter outburst, as well as Treasury Secretary Steven Mnuchin calling Bitcoin and other digital assets a “national emergency”. Despite many Bitcoin proponents reasoning that there is nothing to worry about and that all publicity is good publicity for the digital asset space, the wider market seems to have shifted bearish once again.

Whilst many Twitter trading accounts and technical analysts observing the shift in sentiment are now pessimistic about the short-term Bitcoin price, some are calling for even greater moves to the downside. In the following Tweets, Twitter crypto analyst Dave the Wave demonstrates his reasoning behind his own calls for much lower prices:

In the responses, one of Dave the Wave’s followers asks the trader how likely he believes a return to $6,000 is. He replies simply: “”Quite likely”.

Dave The Wave isn’t alone in his belief that Bitcoin is heading down hard again either. Popular YouTube technical analyst Tone Vays also claims that a massive correction is not only likely but is needed. He believes that a sharp drop that all but crushes every ounce of hope for Bitcoin whilst completely decimating the altcoin space is what it will take for the number one digital asset by market capitalisation to return to a long-term upwards trajectory.

In a recent edition of his trading Bitcoin YouTube show, Vaysstates that Bitcoin price has been trading within a “no trade zone” of late, essentially meaning that he could not tell whether it would break to the upside or downside. Speaking before the price recently broke $10,000 earlier today, Vays states:

“I would be bearish on Bitcoin if we come back down and break below the $10,000 zone… If I had to guess at what would happen at $11,000, we would get a rejection, go back to $10,000, break $10,000 and go lower.”

He adds that since he sees no resistance in the $9,000 area, he expects the price to fall even further down. Of course, the Bitcoin price has since breached the $10,000 support level and is thus heading down for Vays.

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Bitcoin price prediction: BTC/USD stuck between strong levels of support and resistance – Confluence Detector

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  • BTC/USD went down slightly from $8,811.45 to $8,750.50 this Wednesday.
  • BTC/USD has three healthy resistance levels on the upside at $8,800, $8,990 and $9,000.

After suffering a slightly bearish Wednesday, wherein it fell from $8,811.45 to $8,750.50, BTC/USD has had a bullish start to this Thursday and is currently priced at $8,768.85. Since the price is sandwiched between strong resistance and support levels, further growth might be hampered. On the upside, there are three healthy resistance levels at $8,800, $8,990 and $9,000. While on the downside, healthy support levels lie at $8,755 and $8,530.

BTC/USD Confluence Detector

fxsoriginal

Looking at the resistance levels – $8.800 has the one-hour Previous High, 4-hour Bollinger Band middle curve, 15-min Bollinger Band upper curve, one-hour Bollinger Band upper curve, one-day Fibonacci 61.8% retracement level and 100-day Simple Moving Average (SMA 100), while $8,990 has no confluence detected. $9,000 has the 4-hour Bollinger Band upper curve and SMA 10.

On the downside, $8,755 has the SMA 5, SMA 10, SMA 50, SMA 100, SMA 200 and one-hour Bollinger Band middle curve. Finally, $8,530 has the one-month Fibonacci 61.8 retracement level.


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Bitcoin to soon be accepted at 65,000 Swiss Retailers

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  • 65,000 Swiss Retailers will be able to soon start accepting Bitcoin.
  • The new development comes on the back of a partnership between Bitcoin Suisse and Worldline. 

It is reported that a new system will be available for the 65,000 Swiss merchants currently using Wordline’s nationwide payments infrastructure, dubbed SIX Payment Services. 

65,000 Swiss retailers will shortly be able to start accepting Bitcoin as a means of payment. It comes following a partnership announcement between the Swiss broker Bitcoin Suisse and the European payment and transaction services provider Worldline. 

It is reported that local publication Switzerland Global Enterprise has announced that both companies have signed a letter of intent. It covers ground that they promise to offer Swiss traders and consumers the possibility of paying with BTC. In terms of the partnership, it will be allowing the country’s 65,000 retailers who already use Wordline’s infrastructure to accept Bitcoin payments.

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Bitcoin technical analysis: BTC/USD price is consolidating outside of bullish flag

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  • 2Bitcoin price is trading in positive territory, up some 0.50% in the second half of the session. 
  • BTC/USD price action is within consolidation mode, failing to attract commitment. 
  • The bulls must again breakdown and hold above the $9000 price mark for greater upside. 

BTC/USD weekly chart

The price is sitting just on top of a breached weekly flag structure. 

BTC/USD daily chart

Daily price action is also moving within a bullish flag, subject to a potential breakout higher. 

Spot rate:                   8,771.49

Relative change:       +0.50%

High:                          8,838.90

Low:                           8,707.85

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