Name Price24H (%)
Bitcoin (BTC)
$12,969.87
0.00%
Ethereum (ETH)
$407.20
-1.04%
XRP (XRP)
$0.252272
-0.85%
Litecoin (LTC)
$56.96
-1.22%
Bitcoin Dropping to $6K ‘Golden Pocket’ Isn’t Bearish, Says ...
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Bitcoin Dropping to $6K ‘Golden Pocket’ Isn’t Bearish, Says Trader

A classic Fibonacci retracement could land BTC/USD at $6,300 or lower and still not disturb the long-term trend.
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.

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

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.

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

According to a report made by Cointelegraph in April,it  noted that the same theory called for a pullback to $5,300, a month after 2020 lows of $3,600. Such a scenario did not play out.

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Bitcoin’s performance meanwhile is likely to remain dictated by macro factors. On Thursday, veteran trader Tone Vays sounded the alarm about weakness in the S&P 500, together with a lack of nearby support levels.

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