Bitcoin Drops Below $6,500, Experts Unaffected & Remains Bullish


Bitcoin might be testing new lows by going below $6,500 level, however, analysts like Tony Vays and Ran Neu-Ner believe it will even hit $4,975 and $5,900 respectively before any upward momentum could be expected. Bitcoin Bull, Tim Draper is still bullish and planning to buy even more bitcoins with no plans to sell them any time now.

BTC highly bearish, Tony Vays’ target $4,975 but…

The world’s largest cryptocurrency by market capitalization, Bitcoin has fallen to its lowest since February. Today, Bitcoin dropped down to an extreme low of $6,433. However, it has again gained a slight upward shift and gone above $6,500 level at $6,510.

If we take a look at the Bitcoin price chart for the past few months, at the beginning of May, when it was riding above $9,500, since then it has been on a continuous downward trend. BTC price has been unable to break out of this bearish pressure.

All the while it breaks off several support areas on the way which gave in to a long-term bear pressure in the market.

The trend right now is extremely bearish with a constant selling pressure in the short term. The key resistance for BTC/USD is the $6,750 while it has a week support at $6,500.

Analyst Tone Vays, who gave various warnings of an oncoming bear market for Bitcoin expects it to continue its dip with the “most optimistic” bear target of his just below $5k level. With the way the crypto market is behaving right now, it is a possibility that it can’t be denied outrightly.

He further says this trend, “put the (Bitcoin) outlook identical to late (August) 2014”, as can be confirmed from not just price trend but also the relative strength index (RSI), moving average convergence/divergence (MACD) and Stochastics.

Another Bitcoin believer is Ran Neu-Ner, CEO of Onchain Capital and host of CNBC Africa’s “Crypto Trader”. According to him, $5,900 is the limit and one day this is going to be a $20 trillion market.

Related: Bitcoin [BTC] Price Falls Amidst Bear Market; Don’t Panic, Everything’s All Right!

Tim Draper still extremely bullish on Bitcoin

Despite the descending movement in the crypto market right now, all is not depressing. Bitcoin bull and billionaire Tim Draper talked about the future of cryptocurrencies in an interview with The Street.

Actually, he plans to invest more in bitcoin in the coming months. Sharing his thought, he stated:

“Cryptocurrencies are the next big technological tectonic shift and governments have to weigh their need to protect investors with their need to be included in this potential economic powerhouse that is crypto.”

As for fiat, he said,

“I’m not really interested in holding fiat. It loses value over time.” He also talked about the regulations and said that governments must come up with “very clear and light-touch regulations for crypto.”

Draper didn’t just stop here, he made the prediction that:

“Price-wise, we’ll continue to see Bitcoin move higher. I’ve revised my estimate up to $250,000 four years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022.”

He is extremely bullish on Bitcoin and is apparently a long-term hodler as he commented:

“I have no interest in selling my Bitcoin. What would I sell it into anyway? Moving from crypto to fiat is like trading shells for gold. It is reverting to the past. I’m thinking long term I’ll use it, spend it, invest it, or just keep it.”

What are your views on the current market trend? Do you think another dip is coming before bulls take over? Share your thoughts with us!

The post Bitcoin Drops Below $6,500, Experts Unaffected & Remains Bullish appeared first on Coingape.

Written by Anjali Tyagi @ June 14, 2018 Anjali Tyagi

Comments are closed.