- Bitcoin forms a consolidation channels
- Josh Rager’s poll reveals Bitcoin will likely hit $6,500 before returning to $8k
- BTC HODLers are not concerned about the short-term trend of the coin
Bitcoin News Today – The Bitcoin bears seems to be back after a positive week in which the digital currency saw gains of more than 20 percent. Market sentiments are turning bearish once again, as hopes of a Christmas bull run start to dwindle. Some analysts are even predicting that the digital currency might plunge to $6k for a second time.
Bitcoin (BTC) Forms a Channel of Consolidation
For two days now, Bitcoin (BTC) has been holding gains over the $7k level. The digital currency has begun to form a consolidation channel there. Previously, the digital currency would spend only a few days before making an upward or downward move. Yesterday, the digital currency plunged to $7,150 but it quickly recovered over the $7,300 mark, where it is currently trading.
On the one-hour chart, the digital currency is holding on to support at the 200-hour moving average. Zooming out of the daily chart, the digital currency is still in a bearish zone, with support just over the $6,800 mark.
Bitcoin Will Hit $6,500 Before It Returns to $8k
Josh Rager – crypto analyst and trader – recently conducted another mini-poll to gauge the overall sentiment. The result turned out to be bearish at the moment. The poll has got more than 3,100 respondents at the time of writing. So far, 58 percent of the respondents are saying that Bitcoin (BTC) would hit $6,500 first before it would return to $8,000+.
Bearish of bullish on $BTC from this area?
$8k+ or $6,500 first?
— Josh Rager 📈 (@Josh_Rager) December 2, 2019
The Bitcoin fear and greed index is another gauge of the market sentiment. The fear and greed index is presently registering a fear level of 28. The negative sentiment spreads like wildfire when things are heading south. However, the bigger picture tells a completely different story.
Riggs – macroeconomist – officially commented on the abundance of bearishness on Crypto Twitter.
“I find it hilarious that all these “top” Bitcoin twitter people have capitulated & turned bearish at what is now one of the top 3 greatest buying opportunities in investment history. Their little signal blinks quick & they just throw in the towel? All noise.”
Day traders tend to dominate things on social media platforms and they are only looking for quick returns. There are probably equally as many, or even more, investors amassing and HODLing the digital currency so these short-term charts do not mean anything to them. There are many traders that have more faith in the longer term of the asset, and they are not bordered by the short-term happenings.