Bitcoin, the leading cryptocurrency, dropped from the high price limit of $ 10,100 to $ 7,700 in a week at the end of September. This move was due to the liquidation of BitMEX's long positions, which pushed investors deeper.
Will the bitcoin price drop to $ 6,000?
Now, an analyst warns of an upcoming collapse. A crisis that could bring BTC back to $ 6,000, which analysts say will determine if the crypto market is really in a bull trend.
Cane Island Alternative Advisor analyst Timothy Peterson recently referred to a terrible sign. On his company's website, the analyst revealed that there is "a relationship between the premium investors who pay for Grayscale Bitcoin Trust (GBTC) OTC shares and the price of cryptocurrency."
With this in mind, Peterson has made the following deterrent conclusion to Bitcoin's pricing policy:
"The relationship between GBTC premium and Bitcoin price have not been stable and predictable over time, but even our base models rate BTC at about $ 6,000. It seems that institutional and long-term US investors in GBTC also expect this price level for Bitcoin. "
The end is far from visible. At that time in December 2018, analysts mentioned staggering price targets, which were agreed on US $ 2,000. Today, analysts even expect a fall to $ 5,000 or even lower.
There are actually indications that the collapse will not occur. For example, the argument from many investors was that the latest fall in the bitcoin price from $ 10,000 to $ 7,700 is a small bear market hurricane 2018. Short term from $ 6,000 to $ 3,000 declined.