Want to Sell Bitcoin (BTC) at $6K? These Charts Show Why It Could Be Ultimate Bottom

Thu, 03/12/2020 - 15:40
Alex Dovbnya

Some panic-stricken hodlers are willing to sell Bitcoin (BTC) after a 45 percent collapse, but these charts show why they might be wrong to do so

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It's extremely challenging to find even an ounce of positivity in today's cryptocurrency market bloodbath with Bitcoin (BTC) recording its biggest loss since 2017. The day when the benchmark coin lost nearly 25 percent of its value in just one hour will surely go down in history.

However, according to multiple analysts, BTC could still rebound after this gargantuan price drop. 

Bitcoin Price Falling to $6,400 as $21.7 Mln in BTC Moved by Top Exchange

A bigger picture and a brighter story 

According to cryptocurrency trader Jonny Moe, BTC coincidently tapped its long-term curve trend that dates back to 2011. So far, the cryptocurrency is yet to break below it. 

Meanwhile, as reported by U.Today, the crypto king also came close to dropping below its 200-week moving average (MA) with its current intraday low of $5,568. Alex Saunders aptly noted that December 2018, the month Bitcoin (BTC) bottomed out below $3,200, was the last time the top cryptocurrency came close to this widely-tracked average. 

Bitcoin (BTC) Price Prediction — Is $5,500 the Bottom?

Still the best-performing asset

Remarkably enough Bitcoin is still up more than 50 percent year-over-year. As ShapeShift CEO Erik Voorhees points out, there is a good chance that it has outperformed every asset in the world even after it plunged more than 45 percent from its 2020 peak. 

Since BTC has entered a bear market territory, it seems improbable that the coin could bounce back here. However, this recent drawdown was actually in line with CryptoBirb's prediction who also forecasted that 2020 would be 'legendary' for crypto.     

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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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