Will the Bitcoin Price Plunge Further? Analysts Target $6,000
A rough week for Bitcoin is turning into a big hangover at the weekend as the sells keep the pressure on. For the first time in over six months BTC dipped below $7k and further losses are looking likely.
Bitcoin Hits 6 Month Low
The 2019 crypto rally is becoming a distant memory as the year draws to a close. Bitcoin has plunged through several levels of support this week and the altcoins have been annihilated as usual. Crypto market capitalization has shrunk by 16% since the same time last weekend.
It has now dropped below $200 billion which puts digital assets back in crypto winter territory.
According to Tradingview.com BTC continued its downward slide and did not stop at $7k. Support was smashed again and the king of crypto fell into dangerous ground with a wick down to $6,800. This is its lowest level since mid-May when things were all in the opposite direction.
At the time of writing BTC had recovered to find ground just below $7,300 but it is unlikely to remain there for long.
The move has analysts rightly rattled as below these levels there is nothing but a free fall down to $6k or lower.
“$BTC moving a bit faster than I thought. Selling climax isn’t here yet imo. Pray that $6,900 holds bc it’s a whole lotta air until ~$6,000 area”
$BTC moving a bit faster than I thought.
Selling climax isn't here yet imo. Pray that $6,900 holds bc it's a whole lotta air until ~$6,000 area pic.twitter.com/0v6n7LReK4
— Loma (@LomahCrypto) November 23, 2019
With all support over the past six months broken, the next level to hold is $6,800. After this is a painful plunge down into the high $5k level. It is all shaping up for another crypto winter this winter and hopes are being pinned on the halving next spring to inject some life back into crypto markets.
Reuters have reported that a Chinese crackdown has caused the collapse but this is unlikely because Beijing’s stance on crypto is already widely known.
Looking at the bigger picture is the only way to find something positive out of the current situation.
A reminder to keep a focus on the bigger picture for #bitcoin https://t.co/qEMmhQuj7x
— Thomas Lee (@fundstrat) November 22, 2019
Altcoins Frozen Over
There has been no escaping the digital avalanche and the altcoins have been obliterated as usual. Total market cap dumped to $190 billion which is its lowest level for over six months and a repeat of 2018’s brutal bear market is playing out.
Ethereum, which has been holding up well until yesterday, has been smashed all the way down to $150. ETH has not been in this bad shape for 8 months and more pain is likely to come when Bitcoin falls further. $135 is the next level of support for ETH.
Ripple’s XRP has dumped to its lowest level since before the 2017 pump. The token is at a two year low of $0.23 as market cap is about to drop below $10 billion. All of the altcoins have been crushed with most losing 7-8% on the day, barreling back to their 2018 bear market lows.
Image from Shutterstock
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Martin Young, Khareem Sudlow