Bitcoin Price Could Still See A Lot Of Down Here But Still In A Bullish Trend As Future Feels Exciting

Bitcoin Could Still See A Lot Of Down Here But Still In A Bullish Trend

  • Bitcoin crosses $9,000 only to take a U-Turn and drop below $8,000
  • We can hit about $7,150 and even mid $6ks
  • As long as Bitcoin stays above $5,500, BTC is bullish

The leading cryptocurrency had quite a day yesterday when it injected euphoria in the market by finally breaking the $9,000 resistance. In under an hour, we saw Bitcoin going from about $8,700 to almost $9,100.

But this surge wasn’t even short-lived as it was a “blink and miss” movement. Right after touching $9k level, it started dropping down and didn’t stop until it tumbled down to just below $8,000. The sudden upswing and the flash crash took less than 6 hours.

However, since then Bitcoin has managed to go up as at the time of writing, the world’s top cryptocurrency has been trading at $8,247 with 24-hours loss of about 5 percent. Currently, it is managing the daily trading volume of $28.7 billion per Coinmarketcap and $1.78 billion as per Messari’s Real 10 volume that has doubled since earlier on Thursday.

BTC/USD chart, Source: TradingView

Talking about this pullback, crypto trader and investor, Josh Rager notes the pullback came before the level around $9,400 – $9,700 area where everyone was expecting the fall.

“Majority have been front run all year and this is another case. Could still bounce from low $8ks to $9k+ but would like to see a daily close above $8200. Bulls stepping in.”

Rager says we are due for a correction but if it distributes that long and has a strong sell-off, that is not a good sign.

Though Rager is looking for the price to play out a bit more and can see bitcoin having a bounce, if the flagship cryptocurrency starts to move lower, we can hit about $7,150 and even mid $6ks.

However, he is still very much bullish as he says these kind of pullbacks are “normal stuff” in the crypto market. Additionally, as long as Bitcoin stays above $5,500 to $5,700 area, more specifically above $6,100, BTC is still bullish.

Crypto analyst, The Cryptomist sees “SLIM” chances of Bitcoin going for $9,100 rather expects BTC to test $7,600 and $7,200 for support.

“1 wedge broken, 1 more to go. Wedge support region is 8k. Still a SLIM chance for bulls to delay correction and climb up wedge to 9.1. When 1D RSI support from Dec breaks – Confirmation of correction. Wedge & RSI break, very well may see us test 7.6, 7.2k support regions.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today