Connect with us

‘Different Type of Shakeout’ — Trader Says Bitcoin Unlikely to Hit $6K


‘Different Type of Shakeout’ — Trader Says Bitcoin Unlikely to Hit $6K

Bitcoin indicators do not suggest a retest of $6,000 is on the cards, say Cointelegraph market commentators

Bitcoin (BTC) hitting $6,000 again is not only unlikely but would be “concerning,” a well-known commentator has told Cointelegraph.

Speaking in a market discussion with Cointelegraph, EzeeTrader partner Charlie Burton said that should current market behavior continue, those waiting to buy in closer to $6,000 will face disappointment.

Burton: A fast move will come for BTC

“…I think we’ll have upside and then we’ll have downside again, just to the point where a number of players will just get bored and move on,” he said. Burton continued:

“And then there’ll be a fast move that’ll come, and a lot of people will say, ‘Oh my God, why was I not on that move?’”

BTC/USD was trading at around $8,600 on Monday, having gained almost 4% over the weekend.

As Cointelegraph reported, a number of price indicators are flipping bullish for Bitcoin under current conditions, providing strong suggestions of bullish momentum on both a short and long-term basis.

“I think the market has done a good job of shaking out a load of people into 2018 and 2019, but I think it’s probably a different type of shakeout now,” Burton continued.

A “poetic” denial of bears

The comments broadly echoed previous market discussion guest, Peter Brandt, who also argued that buyers planning to enter at $6,000 had “already missed” their opportunity.

“The weak hands are out — the strong hands own it,” he famously summarized last weekend.

Fellow guest YouTuber and Twitch regular Eric Krown appeared to agree. Based on technical analysis, he suggested that it would be “poetic” if Bitcoin denied the lower levels demanded by some traders.

Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraph’s YouTube channel.

Continue Reading

More in Bitcoin

To Top