Bitcoin Analyst Identifies $6000 as a Likely Bottom

Reported today on Being Crypto

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Bitcoin Analyst Identifies $6000 as a Likely BottomThe Bitcoin price appears very close to reaching a bottom. A confluence of support areas suggests that the bottom will occur near $6000.Even though yesterday the market experienced a rapid decrease, the current trading pattern and long-term support lines indicate that Bitcoin should be close to reaching a bottom.Additionally, yesterday's decrease has not dissuaded investors to enter the market. On November 22, Bakkt reached a new all-time high at a volume of $13.4 million. This happened through the handling of 1863 Bitcoin contracts.Therefore, if Bakkt is reaching such levels in a bearish market, the next bull run could bring extraordinary numbers.As for when the bull market might begin, crypto trader and analyst @filbfilb tweeted the sole chart which he believes is the best one to predict the current market movement.The one chart that rules them all for me at the moment. pic.twitter.com/7TiceEuXH9 - fil₿fil₿ (@filbfilb) November 22, 2019He is using a descending channel that shows the price bouncing on the support line.Let's take a closer look at this channel and see where a reversal might occur.Bitcoin Descending ChannelLooking at the Bitcoin price movement, we can indeed see a descending channel in place since the June 24 high. Due to the presence of several wicks, the support and resistance lines could follow slightly different slopes.Additionally, outlining a wave count we can see that the price is likely in the fifth and final wave of a 3-3-5 correction.It is possible that the correction end near $6000, at the support line of this channel and previous support area.Long-Term SupportThe $6000 target also coincides with the long-term logarithmic support line in place since 2011.There is a confluence of support from bo

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