Bitcoin Price could very well Tumble Down to $8,400, A Blessing in Disguise?
- Bitcoin drops to about $9,600 level, could test $9,300 sooner rather than later, possibly fell down to $8400-$8500
- “Price doesn't move in a straight line, this will take time”
- Meanwhile, for many, BTC is already serving as a store of value
Bitcoin is currently in the red as we take a drop to almost $9,600 level. Today, we are trading below $10,650 level and continues to drop lower and lower.
As reds keep a firm grip on Bitcoin, the chances are we could see more downtrend as the trading volume slowly rises from $2.8 billion to over $3 billion.
If we take a look at the last month, after going above $9k, Bitcoin tumbled down to below $8k and the in July went down to $7,400 level. This time, after climbing to $13,900 we took a drop to $10,300 and now have dropped even below $10k. However, the plunge is a deeper one.
According to analyst Bob Loukas, Bitcoin doesn’t have any support here and we could head lower in this cycle.
Loukas suspects we would even test $9,300, sooner rather than later. This he says is the opportunity for any HODLers that have been waiting to get in to jump in. This might not be the bottom but a fine ‘buy the dip’ point at 33 percent off the top, said Loukas.
— PlanB (@100trillionUSD) July 2, 2019
The absolute state of crypto right now… pic.twitter.com/C2yvLuRuyu
— DonAlt (@CryptoDonAlt) July 2, 2019
Trader and analyst, Benjamin Blunts see us going even a bit more low to around $9k-$9.2k as he says,
“After today's move I have to check my bias here and consider the possibility a 5 wave move from the 3.2k lows is now complete and this is probably not a wave 4. a 1:1 extention takes us to around 9-9.2k which is where i will be looking for any more BTC setups.”
Trader Eric Choe’s main target, for now, is $8.8k but if Bitcoin breaks above $10,600 then he sees a bullish retest long opportunity intraday at $10.2k.
While, analyst, The Cryptomist is eyeing $8,460 region.
Another crypto trader and investor feeling the same is Josh Rager who says Bitcoin has tested the 0.382 fib which is a common area for pullback before continuing. But according to him the leading cryptocurrency will retest this area again that could mean a possible drop to $8,400-$8,500.
“Price doesn't move in a straight line, this will take time,”
“Bitcoin is fun but it’s a lot more fucking fun with 100x leverage”
— Ran NeuNer (@cryptomanran) July 2, 2019
And.. this gave anti-Bitcoin Nouriel Roubini to take a jab at Bitcoin’s volatility.
Indeed Bitcoin is now down below 10k. Has lost a third of its value in less than a week. Still a long way to less than zero as its true value is negative not zero given its toxic externalities! It will get to zero in due time. https://t.co/Ek87DvRq6t
— Nouriel Roubini (@Nouriel) July 2, 2019
But rest assured, longer-term we are in the uptrend. With BitMEX eyeing fixed income, Binance launching Bitcoin futures trading platform, ErisX been granted derivatives clearing organization license for physically delivered digital assets, and ICE’s BAkkt, Fidelity Digital Assets and TD Ameritrade coming up soon, we have much to be excited about.
Even more bullish is Bitcoin trading at 600% premium in Zimbabwe, a country struggling with hyperinflation.
For many, BTC is already serving as a store of value.
Bitcoin is currently trading at $76k in Zimbabwe.
A 600% premium compared to international prices.
People are DESPERATE to financially exit their corrupt and hyperinflated currency.
The world desperately needs Bitcoin!!!
— Ivan on Tech (@IvanOnTech) July 1, 2019
Last month we shot up like crazy, going from $10,000 to almost $14,000 in no time, it makes sense that the market will take a breather and step back before it makes a healthy and strong move upward yet again.