Bitcoin Price to Sell the Bakkt Event and Finally Drop to $8,000?
- If Bitcoin Breaks Down Here, will Fell to $8,700s
- “Buy the rumor, sell the news”
Since dropping to nearly $9,300 level yesterday, Bitcoin is back above $9,500.
August has resulted in a red month. However, despite seeing $9,150 this month, Bitcoin is down by just 2.63% from where it started in August.
BTC/USD is still up by 158% in 2019 till date.
Currently, the leading cryptocurrency is trading at $9,600 with 24 hours gains of 1.32% while managing the daily trading volume of $630 million, which has slid down from yesterday’s over $1 billion, as per Messari.
Though the flagship cryptocurrency is back in the green and above $9,500, the pain is not over yet.
According to analysts and traders on Crypto Twitter, another drop is coming very soon.
“Here comes the little pump above hunting for some stops and trapping people. Should follow by long upper wick and drop,”
said analyst, The Cryptomist.
If Bitcoin Breaks Down Here, will Fell to $8,700s
Market analyst and trader Benjamin Blunts see the flagship cryptocurrency hitting $9,100 in the coming days before jumping back to $10,000 level.
Crypto trader and investor Josh Rager, however, says if Bitcoin takes a fall here, we are going to $8,700.
“Currently holding above the previous low on the daily close but if price breaks down it's going to $8,7ks,”
Once we hit this level, Bitcoin he says will head to $8,000 but given the fact that everyone is expecting this level, Bitcoin will either bounce before this or will go through it.
In order to turn bullish, Rager says Bitcoin needs a break back above $10,100 level.
“Buy the Rumor, Sell the News”
Trader Johnny Moe shares the same sentiments but sees a deeper fall in the future.
According to the chart shared by him with the caption, “sell the event?” Bitcoin could drop to $7,700 level with Bakkt launch on September 23 further triggering the drop.
On August 16, the day Bakkt announce the date for the launch of its physically delivered daily and monthly Bitcoin futures contracts, Bitcoin price went from around $9,800 to $10,500, seeing a surge of more than 7%.
Bakkt is big news for the cryptocurrency market for obvious reasons — being the first one to offer physically delivered bitcoin futures on a regulated platform and a nod from the NYDFS to operate as a trust means the possibility for a variety of financial products and heightened institutional interest.
However, a spike might not happen when Bakkt finally goes live with Bitcoin futures as the crypto market tends to follow,
“buy the rumor, sell the news.”
By the usual market movement to news and developments, it could be expected that Bitcoin will finally see that $8,000 in the coming weeks.