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    Bitcoin’s Macro Outlook Is Grim; Analyst Says 20% Decline Still In The Cards

    Before a new ‘impulse’ takes us to all-time high (ATH)

    • Bitcoin in green, a close above $10,833 is bullish
    • But, $7,000 is still a real Possibility
    • However, $6,000 might be out of the picture

    In the past five days, Bitcoin price has made an ascent, first going above $10,000 and now moving closer to taking over $11,000.

    At the time of writing, BTC/USD has been trading at $10,750 with 24 hours gains of 1.81 percent while managing the daily trading volume of $1.18 billion.

    Bitcoin in Green, A Close Above $10,833 is bullish

    On the weekly chart, Bitcoin is currently testing the resistance level at $10,833. Crypto investor and trader Josh Rager says BTC price must break above this level and further rose above the weekly close in less than 48 hours.

    The support, he says needs to hold above previous resistance at $10,590 and a close above $10,833 is bullish.

    As for the daily chart, Bitcoin is at a clear resistance where the price is wicked above and now between a tight range of resistance and support areas at $10,600 and $10,850.

    The fact that there is a $300 to $400 range, Rager says, we need to keep a close eye here and watch for Bitcoin if it will close above or below this level.

    But, $7,000 is Still a Real Possibility

    Meanwhile, market trader and analyst, Benjamin Blunts has closed out his BTC longs and now watching from the sides as price hits his target of $10,748.

    Just yesterday when Bitcoin went up, Blunts warned that though it is nice and all,

    “don’t get lost in the excitement.”

    The macro outlook of Bitcoin, according to him is “grim” with a 17 to 20 percent decline still on the cards before Bitcoin look for “new impulse” to move back up to break the all-time high of $20,000.

    This decline could take BTC price to as low as $7,000 in the next few months.

    With mid-term bearish, in the short term, however, he is bullish, with long term,

    “we all gonna make it fam.”

    Bitcoin could still decline to $7,000 before breaking ATH, Source: https://twitter.com/SmartContracter

    However, $6,000 Might Be Out of The Picture

    According to Timothy Peterson, Bitcoin would never drop to $6,000 ever again, as per the financial simulation technical called Monte Carlo used by him. It is used by analysts to anticipate the influence of risk and uncertainty in the market.

    As Peterson explains,

    “The purpose is to show that downside risk is limited, and that upside projections of 100k, 300k, and 400k are crazy.”

    Bitcoin (BTC) Live Price

    1 BTC/USD =$7,306.0461 change ~ -0.37%

    Coin Market Cap

    $133.79 Billion

    24 Hour Volume

    $8.19 Billion

    24 Hour VWAP

    $7.27 K

    24 Hour Change

    $-26.7351

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    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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