Bitcoin Price Just Dropped to $6,600, Here’s How BTC Can Be In Big Trouble

Tony "The Bull" Severino

5 years ago

3 mins read

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The downtrend continues for Bitcoin price, as the leading crypto asset by market cap reached $6,600 today, showing that bears remain in complete control over the current state of the crypto market.

Will bulls finally step in and bring a much-needed relief rally, or will Bitcoin continue to fall back towards its bear market bottom and strike fear into the hearts of crypto investors everywhere?

Bitcoin Price Falls to $6,600 In Bear Dominated Battle

It was just one year ago when Bitcoin price reached $3,100. Two years prior, the crypto asset had peaked at $20,000 – setting its all-time high price at the heigh of the crypto hype bubble.

Today, though, the crypto asset is trading at a little more than $6,600, over 66% down from the price it traded at two years prior.

Bitcoin has been locked within a devastating downtrend for the second half of the year thus far. After it peaked around $14,000 this summer at the top of an “echo bubble” the crypto asset has struggled to regain any momentum it once had.

Most expected Bitcoin to be ready to embark on its next bull run and thought that the launch of the Bakkt cryptocurrency exchange would be the catalyst to kickstart such an ascent higher.

However, the day Bakkt launched, scammers related to the PlusToken scam ramped up their selling, causing damage to the overall crypto market structure – damage that it is still attempting to recover from all these months later.

Now, Bitcoin price is struggling to build a base at which it can form a proper relief rally from.

Bulls had put up a strong defense of $7,000 but lost the key support level this week, causing the asset to drop toward $6,700. Below current prices, a double bottom target of $6,500 is possible, or a new low toward $6,200 could be in the cards if bulls cannot step in and give bears a good enough fight.

The TD9 Sequential indicator popularized in the crypto market by analyst Tone Vays, has signaled a “buy” in BTC/USD daily price charts, suggesting that a powerful bullish reversal may soon be near, and a relief rally may follow.

If bulls are able to step in, they must reclaim $7,200, then $7,800 for a chance at making an attempt higher for the $8,000 range. If Bitcoin price can reclaim $8,000 there’s a chance the downtrend may finally be over, and the leading crypto asset by market cap can return to the bull market foundation it was once building.

However, if bears continue to dominate the first-ever cryptocurrency, new lows and a deeper crypto winter may be in the cards – one that according to one crypto analyst could cause the complete destruction of the crypto industry, including many crypto projects going bankrupt as a result.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.