Bitcoin is again trading in the lower zone of the 6000s after a lack of momentum to break above $7500. The following 6 September Bitcoin price prediction forecasts the possibility of price aiming $2000 as the next bearish target.
Bitcoin tried to break above $7500 but was resisted. Since the rejection, price has dropped $1000 to trade below $6500. $7500 was a strong diagonal resistance price which was supposed to complete the end of the last leg of the triangle corrective pattern which started early February after a brutal price fall from the all-time-high. The triangle, which has taken 7 months to complete, is about to break downside. Triangles are continuation patterns that often precede the last swing before a change of direction. The chart below shows the triangle pattern.
The b-d support line is held at $5700 which is now considered a strong technical support price level. What do you think might happen if $5700 is taken out with the current bearish momentum? Your guess is as good as mine. The next bearish target could be $2000 after price probably makes a corrective pause around $4000. Wave c and e have shown drastic reduction in bullish momentum. Since February, price hasn’t made any higher-highs to show its commitment to the bearish direction. A fast break below is now highly possible. The chart below shows wave e and the fast breakout.
6 September Bitcoin price prediction – fast breakout aiming $2000?
In less than a day, price has lost what it gained in the previous 2 weeks in a wildly bearish environment. The fall should continue unless a sudden rally happens above $7500. The next bearish targets are $4000 and $2000 after the triangle breakout.
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