Topic: Bitcoin Has Hit the Bottom: Why it is Unlikely to Fall Below $6,000 - page 3. (Read 555 times)

Nothing fancy and that’s true, it happens like most possible with a huge propaganda pieces of machinery our competitors from mainstream and those against cryptocurrency. One and most obvious are the government like China and the financial profiles affected by it, the bankers.

We can’t also deny that bitcoin has been the favorite target by ICO/BCH(Roger Ver) within the market that is probably unworthy but does do make an impact to bitcoin in dumping season.

Panic sellers got played by the whales and sold off their coins like idiots.  There are a lot of BIG investors and countries and getting in on bitcoin now.  We will not see bitcoin below 6k levels again.

never say never in crypto.6000 is strong but noone say it cant broken.probably you are experienced than me but all i've learnd so far is everything is possible here.

It's really not bad to predict what will be the outcome to the bitcoin price, the most important to me is that I can still keep my asset as they are.  For me, being wise is the best option as of the moment when the Bitcoin has these up's and down moment.

And yet it's been almost a year of a bearish market and the price never went below $6k. So why would everything change all of a sudden? The way I see it, the market is pretty stable between 6500 and 7500 with rare moves above our below these marks. It might be very hard to reach the next stage and never go below, say, $7k, but what could possible make the market leave the stable position and go down even more?
There've been a couple of ETF applications already which obviously got rejected. And yet we didn't see the second option becoming real. Why would another application rejection change that?

For me Bitcoin has been able to stabilize above the $6000 mark and though there has been some instances of bad news regarding bitcoins, it is still around that value and I know it’s still going to be irrespective of what happens.

Why are you posting these articles here when there's a press section made specifically for them?

I think that price can fall below 6000 at any point because it relies on on the fundamental state of Bitcoin. If something bad happens and people get scared we'll face a dump never seen before. You could see what happened when there were rumors about tether. What if these rumors became facts? There would be a bump on Bitfinex and dump everywhere else.

And if it does, but I'm not saying it will, I'll be the first one to tell you "I told you so!".

It will never go below $6,000 unless it does and then it will.

well, we have some options:

1- If the ETF's are approved, then we will see a great increase in prices and maybe we will not see the price of $ 6000

2 - If the ETF's are rejected, then we will see prices below $ 6000.

So the answer is in these two options

In cryptocurrency there is no pegged bottom or pegged maximum height the market is very volatile and all coin moves as to the regards of the market situations. A lot of predictions has already failed this year so it not black magic.

Bitcoin has stabilized at $6,500, after rising to $6,700 on fiat-to-crypto exchanges and achieving $7,700 on Bitfinex.

Over the past 48 hours, the volume of Bitcoin has risen from $3.2 billion to $7 billion at its peak, but has since dropped to $4 billion. In a two-day period, BTC has shown a 25 percent increase in its daily trading volume, which can be considered as a positive indicator for the short-term trend of the digital asset.

Can Bitcoin Defend $6,000 Support Level?
The general sentiment regarding the mid-term price trend of Bitcoin is if BTC can successfully and comfortably defend the $6,000 support level in the weeks to come, then a large shakeout or a significant drop to the low $5,000 region is highly unlikely.

Based on the stability BTC has demonstrated since early August and the fact that the dominant cryptocurrency had not fallen below the $6,000 mark as the daily trading volume of the asset reached its yearly low, it has become more challenging for bears to bring down the value of BTC in the short-term.

Cryptocurrency trader Eric Thies stated that it is rare to find an asset that tests a major support level more than 20 times on a weekly chart. He emphasized that the only way BTC falls to the $5,000 region is if an unpredicted event occurs that negatively impacts the crypto market by a magnitude that exceeds the expectations of every investor in the market.

“My core reason on BTC bullishness is simple: Find me anywhere in any market where the floor held 20+ times on a weekly chart, only to break to the downside afterward. You’ll be looking for a while. The only way it happens on Bitcoin would be from an enormous black swan event.”

This article was published by Joseph Young in CCN and I deem it worth sharing. You can read more on
https://www.ccn.com/bitcoin-has-hit-the-bottom-why-it-is-unlikely-to-fall-below-6000/amp/