~snip~
There's a lot of TA out there suggesting a drop to between $5-6.8K with the possibility of $7K holding, this is probably why. Most people don't expect it to drop below $4.5K it seems as the 200 Week MA is there which supported us back at $3120. It still hasn't been broken and is continuing to trend upwards. $5K is clearly a number to rally behind for ₿ bulls basically. See here for examples of how Bitcoin could drop to $6875, $6410, $5,350 and $5,050, by extrapolating past price history to the current price.
Show up some technicals on this one rather than saying without having any basis.I read up above theres no significant support on 5k levels.
Here's an example of what $5K could look like for you. Give it a couple of months and the 200 Week MA will be there to support the price.
Basicly, according to this chart, bitcoin will go down to $5K as the bottom? a very convincing chart based on MA, 19bars-133 days, 17bars-119 days, 19bars-133 days, and next will be another 17bars-for 119 days until March 2020? Well, I don't buy it.
Bitcoin seems persistent above $8K, probably can drop to $7K or the worst at $6K but not at $5K.
Furthermore, we approach the end of the year, entering the Q4 which the market sentiment seems positive even at this bear market, Bitcoin may recover back to $10K by the ensd of this year. But, who knows, we'll see when the time comes.