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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Faces Drop Under $16,000: What Analysts Think Is Next

Nick Chong
Nick Chong
1 year ago
2 mins read
ethereum

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Created by industry experts and meticulously reviewed
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After holding above $16,000 and pushing above $16,400, Bitcoin has faced a drop. The coin currently trades for $15,800, slightly below the aforementioned highs but still above key support levels.

Some analysts expect the market to consolidate further in the days ahead, potentially after one more leg higher.

Yet there are signs that the market is currently overvalued, or at least that bulls are too exuberant. Alternative.me’s custom Crypto Fear and Greed Index suggests that Bitcoin investors are currently “extremely greedy” from a sentiment standpoint, giving credence to the belief that a drop is likely.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin to Soon Move Even Higher

A historically accurate crypto analyst is signaling that one thrust higher is likely from here, then a consolidation.

The same trader that predicted Bitcoin would see a V-shaped reversal in March shared this chart below just recently. It indicates that Bitcoin is currently trading in a V-shaped reversal pattern that should result in BTC peaking at $18,200 in the days ahead. After that, the chart suggests BTC will face a strong drop toward $15,000, then consolidation from there.

This is in line with the sentiment shared by a number of other analysts, who say that Bitcoin is unlikely to be at a trend high due to the lack of “blow-off top.” A blow-off top is when an asset rapidly appreciates in a short period of time, then reverses dramatically lower as holders sell into the rally.

Image

Chart of BTC's price action over the past few months with an analysis by crypto trader Bitcoin jack (@BTC_JackSparrow on Twitter). 
Source: BTCUSD from TradingView.com
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Faces Drop Under $16,000: What Analysts Think Is Next
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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.

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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.

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