Bitcoin Dropping To $6K Golden Pocket Isnt Bearish, Says Trader

Bitcoin (BTC) may crash to $6,000 and however stay bullish, one dealer claimed on June 26 as the biggest cryptocurrency examined $9,000 assist.

In a Twitter evaluation, the favored dealer referred to as SteveCrypt0 supplied an alternative choice to the discouraged view coming from markets this week.

Trader: $6K is “healthy correction”

With BTC/USD circling $9,200, analysts are loosely risk-off. Broad correlation with seedy inventory markets has sparked a number of warnings {that a} failure to maintain assist now ranges may spell a recent downturn.

For SteveCrypt0, however, even a worst-case situation wouldn’t basically spell the top of the Bitcoin bull case.

BTC/USD may hit $6,300 and even decrease, he argued, and however retain its total uptrend. The motive, he stated, lies in the truth that a Fibonacci retracement stage lies at $6,340.

“We could go as low as 6300 or even dip to 6k and still be bullish,” he commented.

“In fact, it would even be a healthy correction right into the golden pocket of the 0.618 Fib level.”

BTC/USD chart showing Fibonacci retracement level

Bitcoin follows shares downhill

Fibonacci traces intend a eager space of curiosity for Bitcoin merchants eyeing short-term assist. A 61.8% retracement versus earlier highs is nothing new for BTC/USD – Bitcoin has tested an affinity for doing simply that in latest occasions.

This time, $6,340 is the retracement relative to the latest highs of round $10,200 seen in early June.

In April, Cointelegraph noted that the identical principle familiar as for a pullback to $5,300, a calendar month after 2020 lows of $3,600. Such a situation didn’t play out.

Bitcoin’s efficiency meantime is prone to stay set by macro components. On Thursday, veteran dealer Tone Vays plumbed the alarm about weak point inside the S&P 500, on with a scarceness of close by assist ranges.

Bitcoin Dropping To $6K Golden Pocket Isnt Bearish, Says Trader

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