Bitcoin so far has been able to find support above the so-called bottom area below $6,000. But it is not enough to beat the long-term bearish bias, according to a famous cryptocurrency analyst.
Crypto Thoreau, in one of its latest tweets, predicted that Bitcoin price is in for a drop towards $3,500. The analyst backed his prediction by a historical price action between early-2014 and mid-2015 in which Bitcoin price can be seen dropping 83.39 percent after forming 626 bars on the daily chart. The pattern, which looks identical to the one building these days, indicates a similar downside run after a breakdown action of 626 bars in 626 days, eventually to a point where Bitcoin will establish a nearly 83 percent drop to $3,500 by mid-2019.