Bitcoin drops no more than $ 5,500 – top tradingview analyst predicts bottom

The rapid drop in Bitcoin prices has naturally fueled speculation about how deep Bitcoin can now fall. Leading Tradingview Bitcoin analyst Jacob Canfield believes that the low is $ 5,500 and Bitcoin is not falling any lower. 

Bitcoin falls below $ 6,900, signaling downward pressure

Bitcoin prices have dropped 4.31% over the past 24 hours, dropping to $ 6,839.01 under strong downward pressure. BTC has left the $ 7,500 mark a few weeks ago and has dropped to lower support levels. Now the trend is expected to continue – with the potential to hit the final low of $ 5,500.

What price do you guys have for the bottom on this #bitcoin downtrend?

I think we could see $5500 personally as it is the 78.6% from the swing low to swing high, but we may see a bounce or two in between here and there. pic.twitter.com/2TSK8XhecH

— Jacob Canfield (@JacobCanfield) December 17, 2019

However, the Bitcoin price is still capable of short-term volatility and a corresponding upswing. Bitcoin wins pricing on both futures and spot markets. For now, alternating and on-chain flows have slowed, which may show that BTC whales and long-term bullish Hodler are still involved.

The futures markets, especially BitMex, could shed light on another aspect. In the short term, daily trading is still a tough battle between bulls and bears for new levels of support.

The lowest point could be in early 2020

In recent days, the general consensus has been below $ 6,000 as the current downtrend has been relentless.

Is the current bottom in for #BTC ?
Is it about to break out or will it make a new low ?

— Crypto Damus (@AstroCryptoGuru) December 13, 2019

The overall impression is that none of the support levels is the true low – and that the downward trend will continue. Bitcoin has also made a series of downward moves, where the previous support has turned into resistance, which has led to further short positions and a bearish stance.

Other forecasts suggest that the BTC trend will continue in January and break-even based on Chinese mining pools. Mining was used as an indicator of price robustness, but it is not an accurate forecasting method.

The current cost of mining in China, where at least 70% of all #Bitcoin mining occurs, is around $4,500. This is likely where #BTC will head to by January, causing over-leveraged miners to go bankrupt and, like December 2018, it will be the bottom before another 6 month bull run

— Intuit Φ Consultants (@Intuit_Trading) December 14, 2019

Despite expectations that Bitcoin would recover in December, the trend has reversed. The low point is now expected for early 2020 – with a price recovery in the coming months.

Sideways movements are also possible at the current level. Others, on the other hand, see a “double bottoming” with the possibility of a trend reversal and a new upward movement.

#BTC double bottom to be confirmed?

— Agon (@AgonOstt) December 17, 2019

Moving prices show signs of consolidation, although the timing for a turnaround cannot be predicted. Bitcoin still has to maintain its sideways movement – it must not lose any further support, otherwise it will go further down.