It is a ‘Matter of Time’ Before Bitcoin Dips Below $6,000: Analyst Claims

Currently, Bitcoin (BTC) is being valued slightly higher, with the coin striving to buck a recent downward move.

After starting the week with a series of declines, the value of the sphere’s largest cryptocurrency, BTC was transacting at $6487.27, up 1.5% since Tuesday at 5 p.m. Eastern Time.

As BTC investors and traders tout, the flexibility of the currency’s coin at $6000, one expert thinks the tenuous psychological mark could soon crumble, citing the proof is not based in the support, but the feebleness of each subsequent rally.

“While we held $6k support firmly for nearly six months, every bounce has been getting lower,” said Jani Ziedins of CrackedMarket on 26th September. Crypto technicians seem to see assets as being in bearish, or neutral, trend if values fail to get better.

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“First, we bounced to $17k. Then it was $12k. $10k came later. After that $8.5k. Earlier this month it was $7.5k and this weekend we stalled $6.8k. At this point, it is only a matter of time before we tumble under $6k support,” he said.

Currently, BTC is 53% down year-to-date and 67% from its all-time best seen last year.

XRP Volatility Returns

XRP coin has added to its recent spell of unrestrained business, gaining by nearly 16.8% on 26th September to $0.53. Earlier on Tuesday, the coin saw a decline of almost 10%.

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After a subdued beginning to the Wednesday’s event, other altcoins, or digital currencies apart from BTC, have joined the rally. Ethereum, which was recently overtaken by Litecoin, rose by 2.6% at $216.46 while LTC gained by 8.11% and traded at $58.46.

Bitcoin Cash has been the major beneficiary of this week’s bull runs, increasing by 17.9% to $512.80. BTC futures ended the session in the green.