- Bitcoin is likely to end 2019 on a bearish tone.
- Analysts share their year-end predictions and it appears that there will be no Christmas rally.
- With bitcoin flirting with $6,800 support, we might see a painful leg down soon.
Bitcoin bulls might be sitting out the last month of 2019. While December has been kind to the top cryptocurrency since 2014, it appears that this year will be different. Analysts don’t see bitcoin bulls staging a coup in the next month or so.
December will likely be a cold bear winter for the dominant cryptocurrency. Of course, the forecast may change if bitcoin recovers certain key levels. For now, a slow bleed appears to be on the horizon.
Bears Must Kill $6,800 to Maintain Their Momentum
There’s no doubt that bitcoin is in bear territory. The coin is down 50% from its 2019 high of $13,880. Although there were moments when the cryptocurrency appeared to be regaining its bullish form, every rally was met by tremendous selling.
The inability of buyers to push prices higher is why many analysts doubt that a Santa Claus rally is just around the corner.
Clem Chambers, CEO of ADVFN and Online Blockchain Plc, doesn’t see bitcoin making a sudden reversal to $10,000 anytime soon. He told CCN,
Can [bitcoin] hit $10,000 this year? Yes, but will it? Probably not. Can it go to $5000? Yes and this looks more likely than $10,000. Stabilization at around $6000 seems the most likely outcome for now.
Other analysts share his sentiment. They also believe that bitcoin will likely breach support of $6,500. For instance, Todd Butterfield, owner of the Wyckoff Stock Market Institute, said,
I think if $6,800 breaks we could see another low below $6,500 before the run to new all-time high.
Nick Hellman, vice president of LearnCrypto.io, shares the exact same view. He told CCN,
Indicators are pointing to one more low below $6,500 if $6,800 cant hold. This selloff will then be…