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Analysts Predict Bitcoin to Further Decline After 4% Price Drop

by Monica Padillo

Some Bitcoin analysts have predicted that the major cryptocurrency’s recent 4 percent drop from the $6,500 price could lead to a bearish move for the crypto market, NewsBTC reported.

Crypto trader Tyler Coates shared a chart that suggests the possibility of Bitcoin dropping to the $4,000 level if it follows the inverse of price action that occurred from March 12-18.

Photo: Tyler Coates

Another analyst who goes by the name Lomah similarly predicted that Bitcoin’s price will continue to decline, possibly reaching around $5,900.

As of press time, CoinMarketCap data shows that Bitcoin is trading at $6,315.09.

NewsBTC additionally reported that Bitcoin closed March’s candle slightly above the key technical level at $6,400, which is considered a crucial level from a long-term perspective.

The $6,400 level is where the cryptocurrency bottomed in December 2019.

Technical analyst and trader Cred, however, warned that Bitcoin closing a monthly candle above support does not imply that the cryptocurrency’s price will increase.

He added that the close set the bias for the next candlestick.