Cryptocurrency influencer and analyst, Josh Rager has again made a short-term prediction of Bitcoin price trend on his Twitter handle. Going by the present form of BTC in the market, he opined that the digital currency will drop to the $6,000 price region sooner or later.
Josh Rager Says Bitcoin Will See $6,000 Level Again
The popular crypto trader and short term price forecaster Josh Rager recently shared that Bitcoin will likely return to the dip and revisit <$6k.
In his analysis, Rager stated that $7,150 is a key area that has recorded the most traded volume so far. However, he believes that BTC would still lose the support level and move downward to $6,000 region.
$BTC – as long as $7150 holds, this will be a key area because it's the point of controls, the area with the most volume traded in this range
But let's not kids ourselves, $6ks are coming again sooner or later
Prep your emotions, we'll get through this like always pic.twitter.com/hfNeD3YZ8O
— Josh Rager 📈 (@Josh_Rager) December 2, 2019
Impact of Bears on Bitcoin Price
Bitcoin price resurged to trade above $7,500 resistance level, inciting enthusiasts’ hope for further growth, but the zeal did not last. BTC managed to settle above the price level for some time and afterward lost momentum to the forces of the bears.
The bears have really gotten hold of Bitcoin in the past few months. When BTC was trading above $10,000, many crypto analysts and pundits thought the digital currency wouldn’t trade below the resistance level before it revisits the year-to-date high, $13,900.
However, such dreams didn’t come to pass. Despite the parabolic movement of June 2019, BTC is now priced further below 5-digits, with no assurance of when the digital token would replay such a parabolic price uptrend.
Has Bitcoin Halving Really Priced In?
Some are of the opinion that the last significant rally that pushed BTC closer to breaking above $14,000 resistance represents the usual Halving’s effect on Bitcoin price, while others insist that the effect is yet to come.
Using the last halving and Bitcoin’s growth then as an example, one would believe that the usual effect is yet to play out. Nevertheless, the state of BTC price after 2020 halving would do better justice to the argument.
Bitcoin Price in the Market
Bitcoin has once again lost its footing on the upside trend, dashing the hopes of traders and investors. It settled for some hours above $7,500 before losing the important support.
At the time of filing this report, BTC is trading at $7,245.15, with a 1.27% price plummet in the last 24 hours. The sovereignty of Bitcoin on other digital currencies in the market has aided the price of most cryptos, making them suffer losses.