News: Can Bitcoin Bulls Fend Off a BTC Drop to $6,000? Yes, and Here’s Why

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0:00:00 Can Bitcoin Bulls Fend Off a BTC Drop to $6,000? Yes, and Here’s Why

0:00:06 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.

0:00:12 Sorry bulls, the Bitcoin price is slipping once again.

0:00:16 Over the past day, the cryptocurrency has trended lower, falling to $10,050 as of the time of writing this.

0:00:23 At 2.5% down on the day, BTC isn’t looking bearish per se.

0:00:28 Yet, with volumes decreasing and Bitcoin being caught in a descending triangle chart pattern, which analysts say implies a further price collapse, bearish traders have started to see their theories gain credence.

0:00:39 Popular analyst Dave the Wave recently noted that if you were to compare Bitcoin’s current price development to early 2017, a move to “the 7k range is within striking distance”, citing a potential fractal.

0:00:51 Jonny Moe has echoed this short-term bearish line.

0:00:55 In the tweet below, he pointed out that Bitcoin’s recent price action has resembled the 2017 rally and the 2018 collapse, implying that history repeating may seen BTC plunge, potentially back to the $6,000 or $5,000 region.

0:01:09 Amended.

0:01:11 Over the cryptocurrency market’s relatively short history, recurring motifs have been established.

0:01:16 One of these motifs is BTC bouncing off its 20/21-week moving average in bull markets to confirm the uptrend.

0:01:24 In 2017’s historical bull run, Bitcoin flirted with that level some five times, each time closing above that key moving average, then surging to fresh all-time highs in the weeks that followed.

0:01:35 As prominent analyst Josh Rager has remarked, BTC’s recent lull is bringing it to this key moving average, leaving him wondering why everyone is “so bearish”.

0:01:44 $BTC – Why so bearish?

0:01:47 Another trader, Mister Anderson, has echoed this.

0:01:50 He explained that while the cryptocurrency trading under $10,200 should be a cause for concern, Bitcoin has never failed to hold the support of key daily moving averages in its “first test exiting a bear market”.

0:02:02 Thanks for watching this video!
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