Last Thursday, Bitcoin made a sharp rise to $7,800 level and quickly retreated to $7,400 levels. Now, a crypto analyst known as Bitcoin Lennon says he is expecting the price to drop further to $6,800 before he enters the market. He claims the recent rise in volatility is the reason he is not interested in trading at the moment.

Bitcoin.



Pump to $7800 , then hasty re-treat, currently $7480.



Fakeout?



Why i am not interested in trading at the moment, lots will get caught wrong side before final direction is established.



Bears in disbelief if it pumps but that is why we buy good levels ($6800) .$BTC pic.twitter.com/5Zwc4ZYASo — Lennon (@BitcoinLennon) December 4, 2019

Another analyst, Crypto Einstein also claims the double bearish accumulation pattern that completed yesterday was a confirmation to the bearish sentiment towards bitcoin. He believes it could be as a result of some miners withdrawing ahead of the miner’s reward halving. This analyst predicted $6,000 to be his first bearish target, with his second targeted price being $5,000.

$BTC Daily



The double bearish accumulation pattern completed yesterday Dec 03 ’19, confirms the bearish sentiment towards the Bitcoin following a decreasing miners’ reward. A similar pattern to that of Nov 20 ‘19.



1st Projected price target $6k



2nd Projected price target $5k pic.twitter.com/sjnxb5xEGS — Crypto Einstein (@BitcoinEinstein) December 4, 2019

Crypto Einstein corrected his forecast in a later tweet, including a bearish option too. He predicted $8,203.32 as his bullish scenario.

#BTCUSD Daily



Attempts to keep the #Bitcoin $BTC price above the $7431.07 resistance yesterday, failed as the crypto pair closed bearish.

We look forward to a price slump similar to that of Nov 20 ’19.



Bullish Scenario -> $8203.32



Bearish Scenario -> $6000.00 pic.twitter.com/Z53NN2zE44 — Crypto Einstein (@BitcoinEinstein) December 5, 2019

Meanwhile, the bulls are still in the game. One analyst, Crypto Michael, still hopes that the BTC price will be able to break through the $7,400 resistance level. He said if this fails to happen, then he will be expecting the price to go back to $6,900-$7,000.

$BTC #BITCOIN



Still the same game here.



I'd want to see $7,400 break and flip for a long opportunity.



Otherwise I'd be watching $6,900-7,000 back again.



Patience. pic.twitter.com/948Z9bwoZJ — Crypto Michaël (@CryptoMichNL) December 5, 2019

The MAX exchange also tweeted that the Bitcoin chart is showing a Golden Cross pattern, a sign of bullish reversal.