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Bitcoin price starts to crash: Analyst eyes $6500

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Trend analyst has predicted that bitcoin is likely to dive below $6,500 in the short term. Currently, the price of the leading cryptocurrency is following a downward trend. After recovering from $7,800 to $8,800, the price of bitcoin retracted to $8,300 this week.

Popular Trend analyst account, Tradingshot, has predicted that the price of the leading cryptocurrency is likely to go at $6,500. The analyst wrote that the rise at the start of the week is being corrected today with a pullback. At the time of writing bitcoin is changing hands at $8,300. Last week the price of bitcoin had made a noticeable recovery from around $7,800 to $8,800.

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BITCOIN going to $6500 while no one notices these MA/ RSI signs! by TradingShot on TradingView.com

The analyst observed RSI pattern to predict that the price of the cryptocurrency is likely to dive down to $6,500. Later last month, the price of bitcoin abruptly fell almost 13% in the space of 24 hours. It was the largest intraday hit since January. Since then, bitcoin has failed to gain upward momentum.

Many analysts are bearish on the short term future of the leading cryptocurrency. Using the RSI pattern to predict the new bottom, the analyst believes that bitcoin is most likely to dive down to $6,500 this month.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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