Bitcoin (BTC) Price Could Drop to $6K If Massive Bull Trap Gets Confirmed

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Thu, 01/09/2020 - 19:44
Alex Dovbnya

The price of Bitcoin (BTC) could drop back to the $6k level if bulls do not show more strength

Cover image via U.Today

Commodity trading legend Peter Brandt might have jumped the gun when he predicted the advent of a new bull market two days ago, causing a flurry of excitement on Crypto Twitter.

Trader HornHairs says that $6,000 could be on the table if BTC closes below $7,870 on Sunday. He suggests that this could the recent rally might be a bull trap.    

image by @CryptoHornHairs

At the time of writing, the top cryptocurrency continues to bleed with its price sitting at $7,824, which is just below the above-mentioned target, CoinStats data shows. 

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Recent Bitcoin (BTC) Price Drop Has Silver Lining. Why Does It Matter?

As reported by U.Today, the BTC price skyrocketed to the $8,400 level after Iran attacked military bases with US soldiers in Iraq. However, US President Donald Trump decided not to exacerbate the Iranian crisis, and the top coin tanked by more than five percent following his address.    

In his recent tweet, trader Josh Rager says that the geopolitical turmoil was the only reason to be bullish on BTC in the short-term. He also expects the cryptocurrency to witness a bigger drop if there is no strong bounce. 

What are your short-term predictions? Share them in the comments!  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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