NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Bitcoin Could Still Plunge to $6,000, Says Top Analyst

Yashu Gola
Yashu Gola
1 year ago
2 mins read
cryptocurrency, bitcoin, crypto

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin plunged deeply a day after it climbed above the $10,000 milestone. And according to one top market analyst, the cryptocurrency could still fall back towards $6,000.

Full-time trader PentarhUdi confirmed that bitcoin is trending in a giant triangle since it established an all-time high of circa $20,000 in December 2017. The cryptocurrency’s jump to $10,000 allowed it to restest the Triangle Resistance for the first time in eight months.

cryptocurrency, bitcoin, crypto
Bitcoin trending inside a big triangle range | Source: TradingView.com, PentarhUdi

The same level, as shown via a bold redded descending trendline in the chart above, earlier sent prices back. PentarhUdi theorized it could repeat the pattern.

“It is interesting that B-waves inside have impulsive sub counts,” the analyst wrote. “We have wave b of (C) here in its termination state, which shows textbook ending diagonal with falling volume and multiple oscillator bearish divergences. Ending diagonal allows some upside from here even temporary breaking resistance lines.”

Bitcoin Downside Target

A bitcoin pullback could lead bitcoin to complete the wave [C]. The move concludes towards the Triangle Support, the light redded ascending trendline on the chart above, sitting below $6,000. PentarhUdi thinks the pullback could extend towards the 200-weekly moving average, a wave that is now near $5,300.

“If this idea is correct, price should fall from current levels down to weekly MA 200 in term of 1-3 months,” he wrote.

cryptocurrency, bitcoin, crypto
Bitcoin eyeing close below $6,000 | Source: TradingView.com, Coinbase

The downside target also coincides with the 78.6 percent Fibonacci level of the swing from the local high of circa $14,000 to low of circa $3,120. It is also near the support of the greened Descending Channel as NewsBTC discussed in one of its earlier analysis.

More so, a move back into the Descending Channel would completely invalidate the breakout as fakeout.

The Bullish Case

PentarhUdi mentioned certain price moves that could totally invalidate the giant triangle range. The analyst noted that bitcoin is bullish long-term, which could allow it to break above the Triangel Resistance. Meanwhile, breaking above $11,000 could also invalidate the bearish move altogether.

“Breaking upper bold red line (now or later) will open door to the long bull run. Price is long-term bullish while it stays above weekly MA 200,” said PentarhUdi.

NewsBTC’s Fib retracement lines are also targeting circa $11,300 as the next weekly resistance. Meanwhile, the 50-weekly moving average (near $8,000) could keep bitcoin from falling towards $6,000 or below.

Tweet123Share247ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

xrp-etf-en-preparation-snorter-token-effet-bull-run

XRP ETF en préparation : Snorter Token profite déjà de l’effet bull run

L’arrivée d’XRP ETF dans plusieurs juridictions et la simplification du cadre américain ont rallumé les moteurs du marché. Le flux...

evanss 2 hours ago
Ethereum

Analyst Predicts Ethereum Price Will Reach $33,000 As ETH Founder Forecasts ‘Google Moment’

The Ethereum price is back in the spotlight as market analysts and ETH’s own founder, Vitalik Buterin, outline bold predictions...

Scott Matherson 3 hours ago
Bitcoin Faces Pressure as Taker Ratio Hits Lowest Level Since Last Cycle’s Peak

CEO Dismisses September Crash, Reveals Why The Bitcoin Price Is Headed For $150,000

The Bitcoin price is falling again this September, but SkyBridge CEO Anthony Scaramucci says there is no reason to call...

Sandra White 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum

Wedge Breakout Or False Alarm? Ethereum Faces Its Biggest Support Test Yet

Godspower Owie 1 hour ago
crypto-com-hack-crypto-accusation-dissimulation

Crypto.com accusé de dissimulation après une brèche de sécurité révélée

evanss 1 hour ago
microstrategy-version-avalanche-investissement-entreprise-us

Un “MicroStrategy” version Avalanche ? 700 M$ d’AVAX achetés par une entreprise US

evanss 2 hours ago

Premium Sponsors

Press Releases

  • Sezon na altcoiny już tu jest. Te trzy czynniki mogą napędzać hossę

    Sezon na altcoiny już tu jest. Te trzy czynniki mogą...

    1 hour ago
  • Sezonul altcoin este aici. Acești trei factori sunt văzuți ca motoare ale raliului

    Sezonul altcoin este aici. Acești trei factori sunt...

    5 hours ago
  • ドージコイン 今後の価格予測:ウォールストリートが注目する「1ドル圏」への道

    ドージコイン...

    7 hours ago
  • Сезонът на алткойните е тук. Три фактора се очаква да задвижат ралито

    Сезонът на алткойните е тук. Три...

    7 hours ago
  • リップル 今後の価格に重大な不安要素、新たに注目すべき仮想通貨とは

    リップル...

    7 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.