How low can BTC go?
Updated
BTC has been in an uptrend scenario since mid-March. Here is what I believe is possible in the near future in terms of correction, based on trend/chart analysis.- Around 9K: This will be the first pullback and should happen soon (almost there), unless bulls overpower the market. Around 9k we will test the top of the 2018 downtrend channel, as can be seen by the chart. If by some miracle we manage to escape bears above the downtrend channel, we will likely continue pumping higher.
- Around 7k - 8k: If we don't hold above the downtrend line, we will likely correct even further to $7-8k as the next major support.
- Around 6k - 7k: If market sentiment and bulls are optimistic, BTC will likely halt its correction around this level. The two cloud-blue (cyan) trend lines are parallel to each other and represent the current uptrend channel. It is possible that we would bounce back from that channel and not go further down, depending on how strong the bulls are.
- Around 5k: IF markets crash in an unforeseeable way, or of there is lack of trust/use for crypto/Bitcoin - it is possible that it will blast right through the support trend line and go to 5k or below. However, there is no need to worry. During the March crash, BTC reached around $3900. Anything above that number will be bullish, and will likely be the trigger for THE bull run that most anticipate, bringing us to new ATH.
- Below the green striped line is unknown territory, and is unlikely we will see BTC there. The circumstances probably have to be extreme :D
Please let me know what do you think about the anticipated BTC "crash" in the comments below! In the meantime - make sure you have stop-loss ready always. Feedback is always highly appreciated, too!
And stay safe everyone :)
Note
Note: in march we went from 10,000$ to below $4,000 in three weeks. It is not impossible to repeat that story.Note
I am anticipating something similar to this ^. Forming a higher low and hitting the bottom of the uptrend channel at around 6.5k-7k.
As to what could cause this - There are many factors that could come into play. For example - stock markets, USD value, economy, COVID-19, presidential elections... Even a USDT lawsuit could result in a significant price impact for BTC the whole market, similar to the one from March. :)
Note
Volume is a joke, BTC is likely going down: 
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