$8,000 Cancelled? Bitcoin’s Next Target is $6,300 Following the Worst Month of 2019
- November was Bitcoin’s worst month of 2019
- As long as the BTC price stays below $8,300, the next target is $6,000
- Anything between $10 trillion to $100 trillion is fair game – Analyst Willy Woo
- November was the worst month for Bitcoin in the past 11 months.
Last month, Bitcoin recorded the highest losses of more than 20% despite seeing gains towards the end of the month.
Bitcoin started the year on a red note as January was a red month for the world’s leading cryptocurrency but only with a small percentage of loss that was followed by five consecutive months of green candle. This was when BTC topped at $13,900 and Bitcoin experienced three more months of red candles. October provided us with relief but November wiped out all those gains.
Now, December has started on a red note.
Bitcoin today went down to as low as $7,233 and has been trading around $7,300 at the time of writing, as per Coincodex while managing the daily trading volume of just $302 million.
In Thanksgiving day after pump, Bitcoin jumped to $7,800 level but as the market feared this has been only short-lived and we are back around $7,000 level.
Crypto trader with the moniker CryptoBirb says for bullish divergence Bitcoin must reclaim $7,960 to swing to $9,100 level. The early signal for that would be the 3-day close above MA 100 and anything below this means $5,400.
For now, trader Crypto ISO doesn't see $8,000 coming.
As I said.
8k is cancelled.
— CryptoISO (@crypto_iso) November 30, 2019
Meanwhile TraderSZ’s plan for BTC as long as it stays below $8,300 is $6,000.
— TraderSZ (@trader1sz) November 30, 2019
Crypto investor and trader Nebraskan Gooner also points out that the all-knowing fractal that predicted Bitcoin’s drop to $6,600 and then to about $8,000 in the past few days is now calling out a drop of over 13% from current BTC price level.
“The all knowing fractal says the top is likely in for now. Trend line breakdown retest looks completed. $6,300 incoming?” notes Gooner.
Anything between $10 trillion to $100 trillion is fair game
These fluctuations in price isn't anything new for the cryptocurrency market, actually as Nigel Green of deVere Group says it is no different than the volatility prevalent in other markets.
“There are peaks and troughs in all financial markets; the cryptocurrency market is not — and should not be — any different,” said Green.
On a bullish note, on-chain analyst Willy Woo says Bitcoin has a long way to go to discover its price ceiling.
“Anything between a (market cap) of $10 trillion to $100 trillion is fair game,” Woo said.
Currently, the flagship cryptocurrency has a market capitalization of just about $134 billion and has scope for growth of 100x to 1,000x.