Bitcoin Retracing the 4th Biggest Bull Move Ever, How Low are we Going?

Crypto Twitter divided between bears and bulls but a good opportunity for a BTC investor either way

  • Bitcoin could move lower, But those waiting for $6k will keep on waiting
  • Historically, November one of Bitcoin’s “greatest” performing months that dates back to 2012.

On Nov 8, Bitcoin price went below $9,000, going just under $8,700, a level is last seen on Oct. 26. Currently, BTC/USD is trading at $8,830 with 24 hours gains of 0.13%, as per Coincodex.

Trading volume has taken a severe drop as well with only $136 million worth of Bitcoin traded in the past 24 hours.

Crypto market weekly performance, Source: Coin360

This drop followed Bitcoin’s 4th biggest bull move ever as the price jumped 42%, from $7,200 to $10,500. A move triggered by China’s President Xi Jinping emphasizing on embracing blockchain technology.

However, economist and trader Alex Kruger believe this narrative to be “over-hyped as he says “most bullish narratives” are.

The ongoing drop in BTC price trader Mayne says is retracement after a consolidation that could go lower but those waiting for $6k will keep on doing just that, waiting.

But how low we could go?

According to trader Credible Crypto, there would be one more leg down to $7,400 level. After this final drop, the trader expects the leading cryptocurrency to make a run for the 2019 high at $14,000.

Analyst The Cryptomist is expecting a bigger drop. She sees 4hr CME gap getting filled with BTC at 7,185 as she said,

“So fake out finally confirmed. I expect one more touch to support region of wedge.”

But not everyone is expecting a leg down.

“I wish i was kidding. we're trending up and there's nothing ur silli retarded bias can do against it,” wrote popular trader Majin.

Given the fact that this is November, it is further adding to the bullish predictions. Historically, it has been one of Bitcoin’s “greatest” performing months that dates back to 2012.

Just like any other time, the market is divided into bears and bulls. And no matter the direction Bitcoin price takes, it would be good for an investor either way.

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

Second Half of 3-Yr Bull Market: Ether’s Crazy Run has 90% of its Supply in Profit

This past weekend, the price of Ether went past $400 to as high as about $420, a level last seen in July 2018. This...

Teenage Mastermind Behind the Twitter Hack Owns $3.39 Million in Bitcoin (300 BTC); Bail Set At $725k

The 17-year old Twitter-hack mastermind holds over $3 million in BTC value with only $725,000 set for bail. In a bizarre moment last month, Twitter...

Bitcoin (BTC) Jumped to $100,000 on Binance Futures

There have been several predictions that see Bitcoin hitting a six-digit figure. On Sunday, this became a reality, very briefly, thanks to an algorithm. Bitcoin...

Flash Crash Caused Serious Network Congestion for ETH, ETC, And ERC 20 Tokens on Coinbase

On August 1, the Ethereum's blockchain faced a spike in network transaction fees, causing a backlog in transfers across several exchanges. Coinbase and Binance,...

Bitcoin’s Wild Weekend Reminiscent of 2017 Bull Rally, ‘Higher Highs Ahead in 2020'

This past weekend, bitcoin had a rough time as the largest cryptocurrency made its way past $12,000 to $12,112 in trading just after midnight...

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