Bitcoin’s 9% Drop Has Popular Crypto Traders Calling For BTC Price To Fall To $6,000
- Bitcoin went up too hot too fast
- BTC price drops to $10,349 on Bitstamp today
- $6,000 seems more in line, says trader Jonny Moe
Bitcoin isn’t showing any signs of stopping any time soon. Yesterday, the leading cryptocurrency started dropping from $11,475 level and still continues on its downtrend, falling to $10,349 on Bitstamp today.
In the past 24-hours, BTC/USD has taken a drop of 9.8% while managing the daily trading volume of 1.27 billion on Messari, which has risen from $495 million, earlier this week.
This drop in BTC price has the market sentiments turning to “Extreme Fear,” as per Crypto Fear and Greed Index which has been permeated with “Greed” last week.
What’s the Next Target?
So, how low we are going? Economist and trader, Alex Kruger says, the next key level is at $10300-10325. Meanwhile, analyst DonAlt says Bitcoin needs to hold $10,600 or at least $9,800 on a closing basis and If those fail, he expects
“a range breakdown into a sustained move to the downside.”
However, as we recently shared, analyst The Cryptomist sees Bitcoin dropping to $8,500 level, filling all the gap that CME Group left behind. But trader Jonny Moe is calling out for an even bigger drop.
Moe’s macro prediction has gone back to $6,000 and he wouldn’t be shocked if we even break under this level to $5,900.
“I previously had $5,500 on the chart, but given this extra bounce and where it lands us on the parabola, $6,000 seems more in line with what I'm expecting for downside now.”
Moe shared this chart in July calling out for a correction to $5,858 level as the leading cryptocurrency got “too hot too fast.”
Historically, during the last two halvings, Bitcoin didn’t get to see a new all-time high (ATH) until after the halving. This time, the Bitcoin reward halving is predicted for May 2020.
At that time, he called out consolidation through the rest of the year and start making a run at $20,000 only next year.