Bitcoin Retracing the 4th Biggest Bull Move Ever, How Low are we Going?
- 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.
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.
$BTC has it's 4th biggest bull move ever, $7.2k-$10.5k, and now we are retracing after consolidating. My feed, totally bearish again.
We can go lower sure, but I think the same people waiting for $6k are going to be waiting for $7k and will buy back above $10k.
Never change CT!
— Mayne (@Tradermayne) November 8, 2019
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.”
It looks like the #Bitcoin pump is finally over. Get ready for the dump!
— Peter Schiff (@PeterSchiff) November 8, 2019
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.
Bears are funny creatures.
They also start hibernating in November.
— Galaxy (@galaxyBTC) November 10, 2019
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.