Bitcoin pullback to $6,000? Analyst says it’s “very likely”

Bitcoin bears have returned with a vengeance almost as fast as the recent optimism that has gripped the market. The recent attention the cryptocurrency has received during prime time has brought an air of uncertainty that has caused the cryptocurrency’s price to drop below the $10,000 level once again.

Some well-known traders even said on Twitter that the market will see a larger correction based on today's price. Some believe that the current Bitcoin price is likely to fall as low as $6,000 in the short to medium term.

Is Bitcoin “very likely” to return to $6,000?

According to cryptocurrency market analysts, there is a greater than zero chance that the price of Bitcoin will return to the $6,000 range in the coming weeks or months. The industry’s recently restored optimism appears to have been killed almost immediately upon its arrival.

This shift in sentiment seems to be in lockstep with President Trump’s recent anti-cryptocurrency comments on Twitter, as well as U.S. Treasury Secretary Steven Mnuchin also calling Bitcoin and other digital assets a “national emergency.” While many Bitcoin supporters believe there is nothing to worry about, and all of these important institutions and figures speaking out is good publicity for the digital asset space, the overall market seems to have turned bearish again.

While many trader Twitter accounts and technical analysts watching sentiment shifts are now pessimistic about short-term Bitcoin prices, some are claiming the market will see a much bigger downside. Twitter cryptocurrency analyst Dave the Wave laid out his own case for lower prices:

In a reply, one of Dave the Wave’s followers asked the trader what he thought the odds of $6,000 were. He simply replied: “Very likely.”

Dave The Wave isn’t the only one who thinks Bitcoin is due for another sharp correction, either. Tone Vays, a popular YouTube crypto technical analyst, also claims that a massive correction is not only possible, but necessary. He believes that the sharp drop in Bitcoin has almost destroyed all hope in the Bitcoin market, while also completely destroying the altcoin market, which will be needed for the number one digital asset by market cap to return to its long-term upward trajectory.

In a recent episode of his Bitcoin Trading YouTube show, Vays said that the Bitcoin price has been trading in a “no trade zone” recently, which essentially means that he can’t tell if the price will go up or down. Before the drop below $10,000 earlier today, Vays said:

“If the price of Bitcoin falls back below $10,000, I will be bearish on it… If I had to guess what would happen at $11,000, I would think it would go back to $10,000, fall below $10,000, and then continue to fall.”

He added that he sees no resistance in the $9,000 area and that he expects the price to fall further. Of course, the price of Bitcoin has already broken the $10,000 support level and is therefore now falling as Vays predicted.