Bitcoin Dropping
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.
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.
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