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After the Bitcoin price approached the $10,000 level in early October, it has declined and been unable to recover to that area since then. Now, another forecast is talking about the likelihood of a further BTC drop.

Down to $6,700?

@nebraskangooner, a crypto entrepreneur and an analyst, has shared a chart earlier today. He says that according to it, the Bitcoin price is likely first to drop to $8,250, then to recover the $8,600 mark. After that, he says, Bitcoin may drop to as low as $6,700.

He does not trade using this fractal, the analyst says, however, as per him, ‘it’s been following along almost exactly since I started watching it in September.’

Bitcoin slips to $8,400

On Friday evening, Bitcoin slid to the $8,400 level for the first time after briefly touching the $10,000 mark at the start of October. Since then, BTC has been unable to recover to that area.

A crypto trading expert Josh Rager has assumed that should the weekly BTC trading close below $8,235, the price of the father crypto would continue declining.

Bitcoin price in the Falling Wedge pattern

On Friday, a crypto trader @themooncarl posted a screenshot, showing the Bitcoin chart forming a Falling Wedge pattern. The trader pointed out that from this pattern BTC has a 70%-chance of a bullish reversal.

At the time of writing this, Bitcoin is trading at $8,560.

Image by CoinMarketCap

 

(Excerpt) Read more Here | 2019-11-16 12:01:14

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