Bitcoin Watch – Analysts expect Bitcoin to fall below USD6,000 before any rallying is possible

Cryptocurrency analysts Willy Woo, via CCN.com, has predicted bitcoin price might likely fall below the USD6,000 mark in the short-term. During the interview Mr Woo attributed the decline to four major reasons: High NVT signal; High volatility; Standard NVT overly high; and Volume Profile cliff below USD6,800. Mr Woo said: “NVT Signal is still too high. We need more blockchain transactional activity to justify the current price, or the price to drop to reconcile the difference. To drive up transactional activity in a bear slide is very unlikely. Volatility is still too high. I’m looking for a sustained low band of volatility which tends to be a signal for the end of the detox and the next accumulation phase. It’s still got some time to ride down”.

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