Bitcoin (BTC) could crash to $6,000 and still remain bullish, one trader claimed on June 26 as the largest cryptocurrency tested $9,000 support.
In a Twitter analysis, the popular trader known as SteveCrypt0 offered an alternative to the bearish sentiment coming from markets this week.
With BTC/USD circling $9,200, analysts are broadly risk-off. Broad correlation with ailing stock markets has sparked multiple warnings that a failure to keep support at current levels could spell a fresh downturn.
For SteveCrypt0, however, even a worst-case scenario would not necessarily spell the end of the Bitcoin bull case. BTC/USD could hit $6,300 or even lower, he argued, and still retain its overall uptrend. The reason, he said, lies in the fact that a Fibonacci retracement level lies at $6,340. “We could go as low as 6300 or even dip to 6k and still be bullish,” he commented.
Fibonacci lines represent a keen area of interest for Bitcoin traders eyeing short-term support. A 61.8% retracement versus previous highs is nothing new for BTC/USD — Bitcoin has shown an affinity for doing just that in recent times.
Bitcoin Dropping to $6K ‘Golden Pocket’ Isn’t Bearish, Says Trader, CoinTelegraph, Jun 26
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