Bitcoin price has been revolving around the $7000 level. Currently, the value of Bitcoin is trading above this level. But Bitcoin bears may take it back toward the $6k level.
At the time of writing, the price value of Bitcoin is trading at $7524 and has failed to hold itself above the key level of $7600.
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BTC Bears and Bulls Rivalry
The world’s leading cryptocurrency is currently standing at a situation from where it can go higher or it can go lower. A rivalry continues between bitcoin bulls and bears. Either bitcoin bulls will pull its price up or bitcoin bears would push its price back at $6000 level. Bitcoin has faced a vital move that may decide its price action in the upcoming weeks.
Nebraskan Gooner, a crypto trader has been looking at Bitcoin fractal for the last few months. After analyzing the Bitcoin fractal, he says that the fractal shows that bitcoin price can go up to $7900 or may go higher from this point.
He said that if the price of the coin does not go higher, it is possible that it may go back at $6200 level. And this would be the lowest trading point of Bitcoin since May.
If you've been following me for a while you'll remember this fractal we've been monitoring the last couple months
Looks like PA is still following along
May be a chance to push to 7900. But needs to break above there to break free of this path
Otherwise 6200 possible pic.twitter.com/1REW1MERBj
— NebraskanGooner📈 (@nebraskangooner) November 29, 2019
Bitcoin price action has a tendency to repeat itself
There is a chance that Bitcoin price action may repeat itself as it is known that Bitcoin price action has a tendency to repeat itself in different years following the daily or weekly charts of these years.
Bitcoin fractals have shown the same price chart patterns of Bitcoin on different scales. It means that price action may repeat itself this year. Nebraskan Gooner has presented different bitcoin price charts on Twitter.
— NebraskanGooner📈 (@nebraskangooner) November 21, 2019
You win this round, fractal. 😅
— NebraskanGooner📈 (@nebraskangooner) November 19, 2019
For instance, if the price action of Bitcoin may follow the fractal of December 2018, then bitcoin price should surge as it surged in the second quarter of this year touching the mark of $13000.
But it is also important to note here that these bitcoin fractals does not always repeat and may be disturbed by some factors.