Bitcoin (BTC) would still be on the uptrend even if it crashed to $ 6,000, according to a crypto-analyst considering the recent weak phase of the market-leading cryptocurrency. The corresponding assessment was made by popular trader SteveCrypt0 on Twitter, whereby his analysis is in clear contrast to the currently predominantly negative mood.
Since Bitcoin is currently dropping to support of $ 9,000, most crypto-analysts caution. In addition, the cryptocurrency currently has a correlation to the stock markets, which in turn are still shaken by the Corona crisis.Even if this should lead to further losses soon, SteveCrypt0 is convinced that the long-term upward trend will nevertheless remain intact.He says that even if Bitcoin drops to $ 6,300, the upward trend is still valid, which he attributes to the fact that $ 6,340 is an important Fibonacci retracement level.
Depends on the stock market?
The Fibonacci levels are important guidance for Bitcoin traders to be able to estimate the short-term lower limit of the price development. A downturn to the 61.8% retracement level, measured relative to previous highs, is not unusual for Bitcoin.Based on the recent high of $ 10,200, the Fibonacci level is currently $ 6,340.In April, Cointelegraph had already reported a similar thesis that Bitcoin should have run back to $ 5,300 at the time, which was never proven.