Analyst explains why the price of Bitcoin could fall to $2,020 in 2020

Tuesday Dec. 17 — Bitcoin (BTC) is quickly retracing in the past few hours from around the price mark of $6,950 to below $6,600.

Bitcoin price takes a devastating nosedive, dropping in just a few hours close to $350. BTC ended the day at $6,915, when the world's largest crypto coin started to trade sideways until crashing down below the $6,600 price mark to its current trading price. BTC shows a daily loss of almost 5 percent.

The BTC could be next at $2,800

if BTC fails to hold the $6,600 price level, “traders will look for the price to follow the familiar pattern of dropping to the long-term descending channel trendline support at $6,400.”

Even more pessimistic, Cointelegraph analyst Keith Wareing wrote that BTC continues to be resoundingly bearish and could even see extreme lows of around the $2,800 price levels. “As things stand, the downside could be as low as $2,800 over the coming months,” he said.

Both Bitcoin and Ether (ETH) are getting spanked today. The top altcoin is creeping dangerously close to double-digit losses for the day, with losses of more than 8% on the day. The coin is currently trading just below the $122 price mark.

Meanwhile, XRP, the third-largest coin by market capitalization, is already showing double-digit pain, with losses of more than 12% on the day. XRP currently sits at $0.018 per coin, having dropped below the $0.20 mark for the first time since October 2017.

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Altcoins are bleeding hard. Chainlink (LINK) is taking the brunt of the pain with losses of more than 13% on the day, while Cosmos (ATOM) and Bitcoin Cash (BCH) are showing losses of 12% and 10% respectively.

The overall cryptocurrency market cap currently sits around $176.5 billion, with Bitcoin making up 67.6% of the total.