Bitcoin Back Below $9,900, But Analyst Assures “Winter is Over, We’re in Spring”
- A Bearish Twist Incoming?
- When’s $3k a “very real possibility?”
Bitcoin is back again on a downward move.
Today, the leading cryptocurrency slid below $10,000, going as low as $9,860. At the time of writing, BTC has been trading at $9,995 with 24 hours loss of 5,65 percent.
Trading volume has also gained momentum at $1.35 billion, an increase from yesterday's $850 million, as per Messari’s Real 10, 24 hours volume.
- Bitcoin falls below $10,000, Source: TradingView
Bitcoin’s fall in value saw a similar drop in the value of altcoins by 3 to 5 percent. Tron, however, is the biggest loser by almost 15 percent as its founder Justin Sun cancels his lunch with Warren Buffett.
A Bearish Twist Incoming?
Bitcoin held the support on daily at $10,213, however, crypto trader and investor Josh Rager had cautioned that the longer we stay in the support area of $10,213 – $10,351, the more likely BTC may break down. This is exactly what happened today.
The four-digit Bitcoin price, he says is the opportunity to accumulate.
Trader, h0dl2100k points out Bitcoin’s 1D bearish scenario, Chikou is now below the price, Heikin Ashi trend weakening (smaller candles after bigger) and Kishoku Master still bearish. Tenkan and Kijun are also pointing down and if they continue, he says we'll see a bearish twist. Additionally, price entered the Kumo.
The downwards continuation pattern will be playing out only if the price is not able to close above first bear fractal and if it's able to “violate the 2 level then TP would be at 4 using 1:1 extension,” he added.
— CryptoHamster (@CryptoHamsterIO) July 23, 2019
When’s $3k A “Very Real Possibility?”
Analysts and traders are expecting Bitcoin to drop down to about $8,000 or to further $7,000. However, Magic Poop Cannon has laid out his extremely bearish stance yet again.
Magic says if Bitcoin holds the daily 50 EMA, present at 10,115 in a “meaningful” way, we could be making new all-time highs by the end of the year. But if Bitcoin breaks down below this level and fails to regain it, his prior target of $3,000 would become a “very real possibility.”
A drop to $3,000 would be another bear market when we have already gone through 2018’s brutal winter.
Experts like Fundstrat’s Tom Lee have already called out the end of crypto winter and Mati Greenspan, senior analyst at eToro assures that we are in spring.
Winter is over. Now it's spring. https://t.co/zHXatUk7Tg
— Mati Greenspan (@MatiGreenspan) July 23, 2019
Bitcoin is up over 170 percent till date in 2019 and down 50 percent from its all-time high.
It is projected that Bitcoin will finally sail above its ATH by 2019 end and these price drops are just opportunity to stack some sats before we make a big leap.