Bitcoin Price Drops to $6,820, Trader says “We're Just Getting Started”

    The low would be the best time to “buy the dip” opportunity that won’t be coming for years to come.

    And it has started…

    In a sudden move, Bitcoin price after just over two weeks of trading above $7,000 today break down below this level, going to as low as $6,820 on Bitstamp.

    Bitcoin price drops 3.27%, Source: TradingView

    With this move, trading volume saw a jump as well, going from $175 million earlier in the day to the current $321.4 million. During the weekend, the trading volume fell to $150 million.

    But this move, though on the downside is bringing some volume back in the market.

    Interestingly, just a few hours before this move, CME introduced additional bitcoin futures maturities to “manage bitcoin-related risk.” From now on, the listing cycle also includes six consecutive monthly contracts that involves the nearest two December contracts as well.

    CME is also launching options on Bitcoin futures on January 13, 2020 on the back of “strong demand” and growing interest in cryptocurrencies.

    “We're Just Getting Started”

    This time Ethereum led Bitcoin with a few minutes headstart.

    But according to popular trader Majin, Bitcoin is just getting started with $6,900 being tested on the cryptocurrency exchange Bitfinex. However, “this 6.9 wall will get munched.”

    “We're not done. We're just getting started,” said Majin.

    BTC longs on Bitfinex meanwhile going Parabolic

    As we reported, Bitcoin longs on Bitfinex have been hitting an all-time high while shorts are nearing their all-time low.

    If these longs get squeezed, we can drop to low $5,000s however, trader Josh Rager sees it highly unlikely that price will nosedive straight to mid to low $5ks right now. According to him, there would be a lot of bounces on this journey to the fall.

    A Buy the Dip Opportunity like never before?

    Trader and analyst Tone Vays meanwhile already stated that Bitcoin would be breaking down below $7,000. This “low” he said would be the best time to buy the dip that won’t be coming for years to come.

    However, this former Wall Street has been bearish on Bitcoin price throughout 2019 when BTC was rallying. He even bet 100 BTC that Bitcoin will drop below $2,000 before 2024.

    Then last month, he said in order for this to be a bull market, we need to see a “very clear pullback of 30% and a sustained higher low.” This would put BTC somewhere between $4,000 and $5,000.

    Just like Vays, another analyst is bearish on BTC and expects a new low for the world’s leading cryptocurrency.

    Magic Poop Cannon expects BTC to drop to $3,000 level which he says would have the crypto market experience the exodus that the Internet did in 2000.

    Mati Greenspan, founder of investment firm Quantum Economics newsletter and former eToro analyst, however, has just this to say, the current drop puts the BTC price where it was less than a month ago and “Any movement within this range is irrelevant in the long run.”

    Bitcoin (BTC) Live Price

    1 BTC/USD =$6,442.9495 change ~ -0.49%

    Coin Market Cap

    $117.89 Billion

    24 Hour Volume

    $6.11 Billion

    24 Hour VWAP

    $6.46 K

    24 Hour Change


    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 a year now. Before his blockchain beginnings, he 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

    44% Think Bitcoin's in a Bull Market & Alt-Season Will Occur in 2020: Kraken Survey

    In the currently unstable environment where industries are laying off, cryptocurrency exchange Kraken is on a hiring spree as it moves ahead to expand...

    Bitmain Releases Antminer E3 Firmware Update to Keep It Mining ETH Till October

    Mining hardware firm, Bitmain, set to extend the durability of its once “most powerful Ethash miner” from April to October 2020. The mining firm...

    Tether Prints over a Billion USDT in March, Rising Demand or Exchange Run?

    We are about to end March, a month that saw the price of bitcoin hitting $3,850 and ready to end the quarter with over...

    Bitcoin Beating Gold But What will Hold its Value Better in Five Years?

    The price of bitcoin is currently trading in the green by 2.34% as it trades around $6,450. Although down 11.89% YTD and about 34%...

    Lightning Labs New LSAT Protocol Promises To Do Away With Usernames And Passwords

    A statement from Lightning Labs CTO, Olaoluwa Osuntokun, revealed the specs of the Lightning Service Authentication Tokens (LSAT) which is expected to act as...

    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.