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While the Bitcoin price continues to range in the $8,200 region, some traders are sharing their wild short-term predictions.
Namely, "Credible Crypto" expects a mega bounce by the end of 2019. However, prior to that, the bulls will experience more pain given that the BTC price could drop to as low as $6,000. Such a strong correction from this year's high of $13,700 would seemingly invalidate any bullish narrative, but the analyst is certain that Bitcoin will rapidly rise from there.
I have had the 7.2-7.4k region as my bottom target for some time now, but if it is lost I think we test the mid 6k region and then we get our mega bounce to 14k+. Will be buying more spot all the way down and likely opening some low-leveraged longs in the mid 6k's. $BTC pic.twitter.com/XfHdPdCRea
— Credible Crypto (@CredibleCrypto) October 9, 2019
Bitcoin is no stranger to volatile price swings, so this forecast doesn't seem too far-fetched. Moreover, it goes in line with Peter Brandt's prediction about the BTC bottoming out at the $5,000 level in January 2020 before starting its next parabolic move to $50,000.
Meanwhile, as reported by U.Today, Bitwise says that they are "closer than ever" to Bitcoin ETF approval. Considering that the SEC is supposed to voice its final decision as early as this week, the Bitcoin price is bound to experience another major move in the short-term.
Do you think Bitcoin will eventually drop to $6,000? Feel free to voice your opinion in the comment section!