The charts that suggest that Bitcoin will drop to $6,000

All-knowing fractal, that has anticipated recent Bitcoin movements, predicts a drop this month

An unusual method of predicting directionality in cryptocurrency, which has proved eerily accurate in recent weeks, is suggesting that a big fall for Bitcoin is in the offing.

Technical analyst, NebraskanGooner, has been using fractals to anticipate Bitcoin movement and predicted both the fall to $6,600 (£5,078, €5,961) in November as well as the subsequent bounce to $7,800 later in the month.

Fractals are representations of an asset's recurring chart patterns. Those who believe they work in predicting price movement point to the highly cyclical nature of Bitcoin. Cynics, however, pass them off as mere coincidence.

According to NebraskanGooner the fractals are asserting that Bitcoin is likely to fall by as much as 20 per cent and could soon be worth as little as $6,000.

Interestingly the Bitcoin price has dipped a little in the last few days and is currently around $7,300 which ironically enough is roughly where NebraskanGooner’s fractal suggests it should be.

What is your sentiment on BTC/USD?

Vote to see community's results!

However the fall would then be followed by a significant spurt which could see Bitcoin bounce back to the $8,600 level just before Christmas.

Another Bitcoin expert predicting a tricky December for the cryptocurrency is analyst Josh Rager. He has suggested that Bitcoin will enter the $6,000 sector, yet in a tweet he encouraged investors to keep the faith. “Prep your emotions,” Rager said, “we'll get through this like always.”

FURTHER READING: Financial experts back Bitcoin to outperform the S&P 500 in 2020

FURTHER READING: Trading Bitcoin for beginners

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image