Why Bitcoin Wont Go Below 6,000

2018年6月20日

A few weeks back, I posted a similar chart to this one. I have been 100% correct so far in my prediction, and we have bounced off the buy zone once again. This bounce has not been confirmed yet, but slowly we are pulling away from the support line. The red arrow indicates that if we fail to go up, we will break below the support line and use it as resistance, but seems unlikely to me. If we break out of the wedge, we should then see a fall back to use the resistance line as support.

Bitcoin will not go below $6,000, here's why I think so:
- Mining price of 1 BTC is around these levels
- New companies, and existing companies have poured BILLIONS of dollars into crypto. We are in bear market but everyday we hear about new companies getting involved with blockchain.
- Coinbase, kraken, other exchanges are all growing. These companies are pouring BILLIONS of dollars into the space as we speak. New employees, new coins being added, huge plans for the future.
- Since last year, millions of new people are now involved in crypto, a lot of them HODLing for new ATH
- Everyone on trading view says its going to 4k and it usually does the opposite of what everyone is saying

These of course do not mean it cannot go below 6k, I just think it is highly unlikely even though TA shows it could. This is why you must have stops in place to protect yourself. Risk management people! And for the people who think bitcoin could go to 1,000, I laugh at you. There is just too much money and too many people buying bitcoin even at prices like 6k for the price to drop that far.

Good luck out there!