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

By Ashley Norris

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.

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

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