CNBC Analyst Believes Bitcoin Could Fall Down to Mid $6,000s as Sellers Take Recent Profits
Bitcoin (BTC) has been in a bull trend in the last few weeks and the digital asset surprised everyone by increasing above $8,400 a few days ago. Nonetheless, panellists at CNBC believe that the price of Bitcoin could drop down to mid-$6,000.
Bitcoin Could Drop Down To $6,500
After several conversations regarding Bitcoin and how it has evolved in the market, analysts suggest that after a 120% increase since the beginning of the year, Bitcoin could be ready for a price correction.
— CNBC Futures Now (@CNBCFuturesNow) May 15, 2019
The cryptocurrency has several times tried to remain above $8,100 which became very difficult. And indeed, the virtual currency fell to $7,950. Anthony Grisanti of GRZ Energy explained that technicals show that we could be close to a pullback.
About it, Grisanti explained:
“We had rallied above [key resistance] but then failed on two different occasions. [Bitcoin] has doubled in the last five months so I would expect a bit of a pullback, and on the downside, there’s a very interesting gap there, from $6,870 to $6,4250.”
Moreover, Grisanti says that traders could be trying to take profits above $7,000, specifically those that purchased back in November 2018 or in 2016. These sellers would also increase Bitcoin’s downward pressure on the price of Bitcoin.
The digital currency has experienced several price retracements and corrections. That means that it is not far from reality the possibility to see a price drop in the near future as well.
Although Bitcoin could fall in the near future, trading volume is currently above $30 billion, which is a very important number considering that at the end of 2018 volumes were falling. It might be now a good moment for Bitcoin to take a pause and remain close to the current levels before gathering strength to keep growing.
Currently, each BTC can be purchased for $7,850 and it has a market capitalization of $139 billion. In the last 24 hours, Bitcoin fell almost 4%.
bitcoin price paragraph =
Bitcoin’s price is $49,022.67 BTC/USD exchange rate today. The real-time BTC market cap of $913.91 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $18.65 Billion and live coin value change of BTC 2.61 in the last 24 hours.
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Live Bitcoin (BTC) Price:
1 BTC/USD =$49,022.6718 change ~ 2.61%