Crypto analyst Jacob Canifield had predicted that the price of bitcoin could slump down to as low as $5,500 in the short term. Whenever bitcoin takes a sudden downward turn, all the altcoins come crashing down too. The prediction for major altcoins like XRP is also quite negative for the short term.
Is bitcoin heading towards $5,000?
It has been more than two years since bitcoin reached its all-time high. Even though many experts are still quite positive about the future of the leading cryptocurrency, but the short term prediction for bitcoin is very bearish. Bitcoin could go as low as $5,000 during this holiday season. Last week bitcoin moved up $1,000 but failed to gain any momentum as it retraced quickly.
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
Bitcoin nearing a death cross
Earlier this week, bitcoin rallied to $7550 from $7,200 in just a few hours. If bitcoin fails to jump above $9,000 in the short term, the price could head towards $5,000. A death cross is a technical pattern when bitcoin’s 50-day moving average falls below its 200 days moving average. The cross to the downside happened in October at $9,000. According to Forbes analysis, if bitcoin’s downward movement comes close to the previous one, the price could take a massive blow.
Other major altcoins are also heading towards a massive dump in the short term. A crypto trend analyst recently tweeted that if BTC loses the current support, Ripple’s XRP could hit the near $0.15 target. At the time of writing, XRP is trading at $0.1897 down 1.7% in the last 24 hours.
