U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Bitcoin (BTC) Price Could Drop to $3,000 if The Following Happens, Says Chris Burniske

News
Sun, 03/22/2020 - 08:48
Yuri Molchan
While Bitcoin is holding in the $6,300 zone, Placeholder partner Chris Burniske reckons that BTC may start dropping to test lows deeper than those it visited last week
Cover image via www.youtube.com
Contents
Put your crypto to work
10
BTC
  • $68.96

    Interest per week

  • $3585.7

    Interest per year

  • 4.15%

    Interest rate

Join Now!
Sponsored by Celsius.Network

On March 19, Bitcoin manages to overcome the $6,000 threshold and has been holding above it so far, trading at $6,304 at the time of writing.

Some are carefully talking about a possible resumption of a bullish trend. However, Placeholder partner Chris Burniske reckons that the Bitcoin price may reverse and head in the opposite direction.

If the markets have another global ‘sell everything’ moment, he says, new lows, much deeper ones than those touched last week, could be tested.

‘If global markets freak out again…’

The situation in the global financial system may worsen next week as some fear. Crypto trader @MMcrypto spreads the word that on Monday, some stock markets may actually close down.

Perhaps referring to this assumption from other sources, Chris Burniske tweets that if global markets ‘freak out again’, Bitcoin may plunge and test lows near $5,000, $4,000 or even $3,000.

Altcoins, he adds, in that case would plunge to test their own price lows as well.

Speaking of another possible global sell-off overall, Burniske warns that should it happen again, Bitcoin and other cryptocurrencies will get hurt.

Two possible scenarios, both bearish ones

Analyst Michael van de Poppe tweets that Bitcoin is having trouble testing $6,400 already. Right now, he is looking at two possible scenarios. The first one is that BTC will break out, reach a new high near $6,800 and then reverse to the $5,400 area.

The second one is that Bitcoin is having a fake rally and that it is going to plunge towards $5,400 as next step.

Related
Bitcoin (BTC) Bulls Have to Hold This Key Price Level to Prevent Another Major Drop

‘We are about to expand downside’

Trader ‘George’ believes that Bitcoin is about to expand – downwards. He expects a price reverse to occur today or next week.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020
Silk Road Founder Shares Update from Prison Amidst COVID-19 Pandemic
Famous British Rapper Explains Why Bitcoin Haters Will Buy BTC at $20,000
Mike Novogratz Says Bitcoin and Gold Are 'Easiest Trades,' Reveals His Favorite Stock