If you have been nervously holding Bitcoin for the past several months, then you might want to take a deep breath before reading ahead, because further losses might be in store for the number one cryptocurrency.
According to famous whale whisperer AngeloBTC (@AngeloBTC), Bitcoin is looking likely to head down to the $6,000 range, tweeting: “Patiently waiting for $6k $BTC levels where I will add to long-term holdings. Good luck homies.”
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As the former number one trader on BitMEX, it is widely acknowledged that AngeloBTC knows what he is talking about, despite not being 100% accurate with all of his predictions, as BeInCrypto has previously reported. We should note that just two months ago, he also predicted the Bitcoin market would see significant money enter once the asset falls under $8,000—few people are always right, and this time AngeloBTC proved to be no different.
Regardless, AngeloBTC has often been described as a “market-mover” due to the weight that many traders ascribe to his opinions. After all, you don’t become the number margin trader on BitMEX with over $30 million in profit without knowing a thing or two about the market.
Supporting this opinion, Bitcoin does appear to be experiencing bearish momentum as of late, having fallen almost 25% in the last month. Nonetheless, it will take further losses of almost 27% to fall back to $6,000, which could take just over a month should Bitcoin see a repeat of its September losses.
However, in order to actually reach as low as $6,000, Bitcoin will need to smash through several key support zones, including $7,800 and $7,500, as well as several further supports between $6,000 and $7,500. Many of these supports have held for the better part of a year, so it is extraordinarily unlikely that we will see a sharp, sudden drop to $6,000 if Bitcoin does head back down.
Should BTC fall back to $6,000, this will bring the cryptocurrency down to its lowest value since May, though AngeloBTC seems to believe that Bitcoin is due to shoot right back up shortly after. Nonetheless, with Bitcoin’s next halving event drawing ever nearer, traders and analysts alike are growing increasingly anxious—unsure whether Bitcoin is about to moon or crash once again.
Where do you think Bitcoin is heading next? Will we see $10k or $6k first? Let us know your thoughts in the comments below.
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