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Bitcoin Price May Drop to $6,800 but Small Bullish Reverse Is Likely: Crypto Analysts

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Fri, 11/22/2019 - 08:36
Yuri Molchan
The Bitcoin price may show a tiny bullish reverse, however, analysts see the market under bears’ control at the moment
Cover image via 123rf.com
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Yesterday, Bitcoin dropped below the $8,000 for the first time since early October. After surfacing above this level briefly, BTC plunged again, this time much deeper.

Earlier today, the Bitcoin price spilt some more blood in the market and dropped to $7,500. Analysts assume there just might be a slight bullish reverse but the trend is bearish, they admit.

Image via CoinMarketCap

‘A bounce-back seems unlikely at this point’

The analyst @CryptoMichNL writes that a pullback to the $7,700 would be nice. However, it is unlikely at the moment. Unless Bitcoin starts trading sideways at $7,500, he expects it to plunge further to $6,800 or even to $6,300. The market is being fragile, he concludes.

‘Yikes…the trend is with the bear’

Another crypto analyst, @filbfilb, believes that at present the bears are in control of the market. He does expect a little bounce-back, it seems, however, trend is with the bear, he says.

There is a chance that Bitcoin would reverse in December, as this is when Bakkt plans to launch cash-settled Bitcoin futures. However, that cannot be a guarantee. In early fall, when the company rolled out Bitcoin-settled BTC futures, the price of the flagship crypto dropped due to the low and disappointing trading volume on Bakkt.

Related
Bitcoin Is Forming "Very Ominous" Price Pattern, Gold Will Be Fine: Peter Schiff

Pomp buys more BTC, but CZ does not have fiat to buy it

The crypto expert Anthony Pompliano who was among the first one to buy more BTC when it dipped earlier this year, tweets he has bought some more again. Other investors are likely to buy it too, now that the price has dropped, to reap more profits later on.

However, the head of Binance exchange, CZ, admits he cannot buy Bitcoin since…he does not have any fiat. A nice ironic way to emphasize his trust in crypto and disdain to the current financial system.

 

 

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.

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