Bitcoin has not undergone distinct price upsurge since it last dropped abjectly some days ago. Other digital currencies have stayed with BTC as it grows and declines. A crypto analyst recently indicated that Bitcoin could drop by 30% from next month if history repeats itself.
Bitcoin has been bouncing below $8,000 resistance level for quite some days. There have been predictions of price Bull Run of BTC, but it has since not indicated bullish trend due to its recent stagnancy.
BTC has to convince in-house and potential investors. Making the global adoption fast-tracked, it has to convince the watching world by improving its consistency in price growth against US Dollar.
However, a host of analysts remain optimistic about its eventual price upsurge, while some pessimistic analysts see Bitcoin dropping below $3,200. Though, two events are quite expected in this scenario. BTC price could drop significantly or experience a parabolic movement beyond stronger resistant levels.
Some top digital currencies such as Ripple XRP, Bitcoin Cash (BCH), and Bitcoin SV (BSV) are starting to lose the grip of moving independently without adhering to the dominance of Bitcoin (BTC).
At the time of filing this report, BTC is trading at $7,751.38, with 2.17% price upsurge in the last 24 hours. Nobody knows whether its next trend will be bullish or bearish.
Analyst Indicates that Bitcoin Could Drop to At Least $6,500 if History Repeats Itself
A cryptocurrency analyst identified on twitter as Crypto Thies has recently indicated that Bitcoin could undergo significant price correction if history repeats itself.
Thies went down the memory lane to ascertain his sentiment. He said each time BTC touched 92-95 Relative Strength Index (RSI) since 2015, it has persistently dropped price by 30 percent in the subsequent months before it surges again.
He said “Every-time BTC has touched 92-95 RSI on the 3D chart since 2015, price dumps over 30% over the following months, before continuing onward.”
Thies pointed that Bitcoin has again fallen within the same range, envisaging the probability of history repeating itself. He said the price plummet percentage could bring BTC down to $6,500 and captioned the image of the RSI indicator.
“We touched the same RSI range recently. Will this time be different? That would imply a touch to at least $6.5k if so.”
Every-time $BTC has touched 92-95 RSI on the 3D chart since 2015, price dumps over 30% over the following months, before continuing onward.
We touched the same RSI range recently. Will this time be different? That would imply a touch to at least $6.5k if so. pic.twitter.com/vWr8tpHBgu
— Crypto Thies (@KingThies) June 10, 2019
BTC is still well and stable below $8,000 resistance level. It has often been crossing and dropping below the aforementioned level. It could soar or drop farther below any time. The display of its volatility feature could end up being disastrous or beneficial for investors.