The rapid slide in Bitcoin (BTC) prices led to more talks of calling the bottom on the most recent downward trend. Jacob Canfield, a leading Tradingview bitcoin analyst, believes $5,500 will be as far as the asset falls.
Bitcoin Slid Under $6,900, Signalling Downward Pressures
Bitcoin price fell by 4.31% in the past day, sinking to $6,839.01, with strong downward pressures. BTC once again stepped back from the $7,500 tier from just a couple of weeks ago, sinking to lower support levels. Now, the trend is expected to continue, with the potential of bottoming out at $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…