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Bitcoin forms a consolidation channels
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Josh Rager’s poll reveals Bitcoin will likely hit $6,500 before returning to $8k
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BTC HODLers are not concerned about the short-term trend of the coin
Bitcoin News Today – The Bitcoin bears seems to be back after a positive week in which the digital currency saw gains of more than 20 percent. Market sentiments are turning bearish once again, as hopes of a Christmas bull run start to dwindle. Some analysts are even predicting that the digital currency might plunge to $6k for a second time.
Bitcoin (BTC) Forms a Channel of Consolidation
For two days now, Bitcoin (BTC) has been holding gains over the $7k level. The digital currency has begun to form a consolidation channel there. Previously, the digital currency would spend only a few days before making an upward or downward move. Yesterday, the digital currency plunged to $7,150 but it quickly recovered over the $7,300 mark, where it is currently trading.
On the one-hour chart, the digital currency is holding on to support at the 200-hour moving average. Zooming out of the daily chart, the digital currency is still in a bearish zone, with support just over the $6,800 mark.
Bitcoin Will Hit $6,500 Before It Returns to $8k
Josh Rager – crypto analyst and trader – recently conducted another mini-poll to gauge the overall sentiment. The result turned out to be bearish at the moment. The poll has got more than 3,100 respondents at the time of writing. So far, 58 percent of the respondents are saying that Bitcoin (BTC) would hit $6,500 first before it would return to $8,000+.
