While the Bitcoin (BTC) price plummeted below the $6,500 mark yesterday, October 3rd, now it slightly recovered above that critical price level and is trading at $6,582. However, a Bitcoin (BTC) analyst warns of a potential drop which might appear soon.
We’re talking about Nikola Lazic, Bitcoin (BTC) expert, who predicted that the BTC drop below $6,500 is only signaling for a subsequent massive downtrend that, according to the analysts, would appear soon.
“I am expecting a breakout from the downside because the horizontal support has already been broken today, the red triangle’s support has been broken in the past when the price found support on the symmetrical triangle uptrend line which was respected in the past,” said Nikola Lazic.
“If that last support gets broken then we are definitely seeing a lower low which would be below $5767,” he added.
According to this expert, Bitcoin (BTC), the leading cryptocurrency in the market, experienced a rough year and its price is still ranging substantially on a daily basis.
Massive Bitcoin (BTC) drop might come up soon, according to Nikola Lazic
As a crucial indicator to back up his statement, Nikola Lazic talked about the extent of Bitcoin’s price range which reached its lowest level in the past 20 months.
Also, when analyzing the journey Bitcoin (BTC) had in 2017, and compare it with that of 2018, is clear that the leading cryptocurrency in the market is performing poorly this year. But, when considering other experts’ opinions, Bitcoin (BTC) could go either way.
“At these speeds, if you bought a bunch of tulips with bitcoin they may well have wilted by the time the transaction was confirmed,” said Yves Mersch, a member of the European Central Bank, blaming the Bitcoin blockchain slowness for the BTC situation.
On the other hand, Fundstrat CEO Tom Lee kept its bullish sentiment on Bitcoin (BTC) and is betting on a significant surge by the end of the year.
“The fact Bitcoin (BTC) is holding here is excellent news. I think there are catalysts in the year-end so I think despite the lower highs we’ve seen I think we’re starting to reverse,” said Tom Lee.