When will the price of Bitcoin break below the $6,000 support level?

[zazarb]

I really doubt it will happen, and even if that really happens this should take a very short time.Just because even Bitcoin mining costs now more higher than before and in the current period it is about 5800$ and this is determined that this support is much stronger than others think.

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[rickadone]

I believe that this is a bearish signal that the price could likely break below $6000 soon. 

Do you agree and if so, when do you think it will drop below that key support level?

There could be a possibility of seeing that happen, no doubt and judging from the way things have been thus far, we will see clearly that the upper line of the descending triangle has been acting as a very strong resistance. Generally, descending triangles have always been a bearish signal for a market, but that does not mean they cannot be invalidated if the market peradventure, tend to break out to the upper part and may be go test some higher resistance. We cannot say when anything we happen, but however and whenever it happens, we will definitely witness it.

Probably next month it will drop under 6000 but hard to say. I hope it never gets that low again.

It is really hard to say and nothing can be guaranteed yet, looking at the way things have been so far. Secondly, depending on how you want to see it, the market is in a two different sentiment, and then, we can see clearly there could be a possibility of a falling wedge which may be bullish or a descending triangle, however you want to plot your chart. Although, we have seen several attempt to break the $6k support, but that does not mean we would not see a clear signal where we are headed to next when it comes. Let's see how things would be like anyway in the long run.

[justspare]

If you look at the chart of the Bitcoin price, it has formed a clear descending triangle with support at about $6000. Resistance is keeping the peak of each bullish run lower than the previous one for the past few months.  If I can find a good chart to post, I'll add it in later.

I believe that this is a bearish signal that the price could likely break below $6000 soon. 

Do you agree and if so, when do you think it will drop below that key support level?

I think never. That below $6k levels are long gone. Even if it goes below that it will be instant and not stay there for even 24 hours at all.

I think we are solid and fine for this level and from now on we will keep seeing the $6.2k and $7.7k levels and stay in between that for a long time until the price goes berzerk once again and goes crazy high, don't know how high but it will go really high enough to call December not that big. So for now I do not see bitcoin to break $6k levels at all, it is a psychological price level where miners do not allow you to sell, they buy as many as they can afford when the price goes below that to keep it higher.

[taratorly]

I think, It never may see under 6K level again. Because 6200-6300$ has a natural support anymore.

[burdalen]

If you look at the chart of the Bitcoin price, it has formed a clear descending triangle with support at about $6000. Resistance is keeping the peak of each bullish run lower than the previous one for the past few months.  If I can find a good chart to post, I'll add it in later.

I believe that this is a bearish signal that the price could likely break below $6000 soon. 

Do you agree and if so, when do you think it will drop below that key support level?

The market is completely speculative and the price is controlled by large holders. I think that crypto-millionaires will not allow the price to fall below 6000 dollars.

[BitHodler]

So for now I do not see bitcoin to break $6k levels at all, it is a psychological price level where miners do not allow you to sell, they buy as many as they can afford when the price goes below that to keep it higher.

Miners buying to support the price? Highly unlikely. I'm even of believe that they aren't really that worried about the price to drop because that forces less profitable miners to turn off their machines.

In that case it means the difficulty goes down which makes mining slightly more profitable for those who continue mining, and that slightly better profitability is enough to counter lower exchange rates.

I think it's more the overall trend and support levels that traders respect. The market has been taken over by bots and whatnot operating within a safe range they aren't willing to break.

[Johnyz]

Resistance is keeping the peak of each bullish run lower than the previous one for the past few months.

there was no bullish run
the thing is the fluctuations created by day trading whales which makes price go above $7k then come back to $6kish and rise and repeat is not real trend and it certainly is not "bullish runs".

2016: >$300
2017: >$900
2018: >$5800
thats a bull run

the movements in between are just cubs and calves playing (small bears and small bulls)

A year chart basis showing the market is still in a bull run, but I don’t see the reason why people are panicking with the current price of bitcoin. Well, i just hope that we don’t break the support level again because its the last quarter now and we have to move forward.

[mostkey]

Resistance is keeping the peak of each bullish run lower than the previous one for the past few months.

there was no bullish run
the thing is the fluctuations created by day trading whales which makes price go above $7k then come back to $6kish and rise and repeat is not real trend and it certainly is not "bullish runs".

2016: >$300
2017: >$900
2018: >$5800
thats a bull run

the movements in between are just cubs and calves playing (small bears and small bulls)

A year chart basis showing the market is still in a bull run, but I don’t see the reason why people are panicking with the current price of bitcoin. Well, i just hope that we don’t break the support level again because its the last quarter now and we have to move forward.

Current support is still strong enough so that there is confidence that the market will not fall too deeply, this is the point where manipulation is always the last stop, which is clear that people are still too afraid to be in this market, having experienced trapping the pump several times, that's enough normal if they panic, it might take a long time to get back to their beliefs.

[Pursuer]

So for now I do not see bitcoin to break $6k levels at all, it is a psychological price level where miners do not allow you to sell, they buy as many as they can afford when the price goes below that to keep it higher.

Miners buying to support the price? Highly unlikely. I'm even of believe that they aren't really that worried about the price to drop because that forces less profitable miners to turn off their machines.

In that case it means the difficulty goes down which makes mining slightly more profitable for those who continue mining, and that slightly better profitability is enough to counter lower exchange rates.

I think it's more the overall trend and support levels that traders respect. The market has been taken over by bots and whatnot operating within a safe range they aren't willing to break.

regarding miners, people are usually looking for some sort of reason to speculate about the price and how it is going to change. in this case they are using mining, difficulty and cost as a reason for justifying the bottom at $6k and reason why it won't go any lower than that.
right or wrong of it rarely matters as it creates market incentive to react in certain way. for example the Mt Gox case was completely FUD since they weren't even selling on the market and their sell-off has been going on long before it became public or even drop started. but enough people believed it is the cause that THEY sold and caused the drop. in comparison enough people believe miners won't let the price go down that THEY will buy bitcoin and won't let it go down!
of course that is not always the only reason. there are a lot of reasons for every rise and fall.

[magneto]

If you look at the chart of the Bitcoin price, it has formed a clear descending triangle with support at about $6000. Resistance is keeping the peak of each bullish run lower than the previous one for the past few months.  If I can find a good chart to post, I'll add it in later.

I believe that this is a bearish signal that the price could likely break below $6000 soon. 

Do you agree and if so, when do you think it will drop below that key support level?

I agree. Even though $6k has been upheld as support for the majority of this time that we've spent in the bear market, it's hard to say for sure that it's going to continue to be that way in the medium term future.

For me I'm looking at a potential breach of the $6k support by the end of the year. It's not guaranteed, but if it was to happen, it would be in the next few months.

You really can't be more specific than that. All we know at the moment is that prices are very near bottoming and recovery is probably going to go underway some time mid to late last year given the last bear market's trends.

[aardvark15]

Congratulations to the 1 person that voted on November for the month that Bitcoin dropped below $6000. I personally thought it would happen in October so I was a little off.