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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Where’s the Ultimate Bottom for this Bitcoin Plunge? $5,100, Analyst Says

Nick Chong
Nick Chong
1 year ago
2 mins read
Chainlink

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Created by industry experts and meticulously reviewed
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Bears are back, and they’re back with a vengeance. As of the time of writing this, Bitcoin (BTC) is trading at $7,100, having plunged as low as $6,800 — an extremely important long-term price level. The cryptocurrency market is down some 8% in the past 24 hours, and seems poised to tumble lower.

With that said, where will Bitcoin bottom? When will the pain finally stop for the leading crypto asset, which has drawn down from $14,000 to $7,000 over the past few months with little signs of stopping?

Related Reading: Bitcoin Price Jumped 42% Last Time It Hit This Level, and BTC Has Tapped It Again

According to a well-known analyst, $5,100 is the point where BTC will find a definitive bottom — if it gets there, anyway. Here’s why.

Why Bitcoin Drop Likely to Bottom at $5,100

According to a recent message from analyst Mac, $5,100 will be the ultimate bottom for this bearish move.

Firstly, he noted that the trend remains bearish, despite the support found at $6,800 and the bounce. The analyst backed this point by looking to BitMEX’s open interest, which is “keeping stable and increasing,” implying that few shorts are taking profit and buyers continue to open longs.

Mac continued that Bitcoin loss the June volume-weighted average price level, and has entered a “void” in the cryptocurrency markets that could see BTC easily continue into the low-$6,000s.

https://twitter.com/MacnBTC/status/1197895108038930440

As to why $5,100 — 25% lower than the current price of $7,000 — will be the bottom, Mac looked to a confluence of price levels: the double-month volume-weighted average price, a “price inefficiency fill” level, and the 200-week moving average.

Related Reading: Echo Bubble Narrative Grows Stronger as Bitcoin Struggles to Find Support

Not everyone agrees with this sentiment though. In fact, prominent gold proponent Peter Schiff recently brought up the idea that Bitcoin will return to $1,000, where it was trading prior to the 2017 bull market.

More specifically, Schiff said that Bitcoin is nearing the neckline of a head and shoulders chart pattern, which suggests that if it’s broken, a measured move to $1,000 will be had.

Related Reading: Bitcoin Nears Key Golden Cross as Price Falls to $7,400: Bull Case Alive
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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.

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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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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.

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