Can Bitcoin’s Price Go Under $8,000 Again? This Trader Thinks So
After its latest price drop, Bitcoin went from just over $10,270 to under $9,700 USD. The short-term probability is that Bitcoin may go down even more right now. Even the dominance of Bitcoin, which was over 70%, was pushed down to 69% at the moment.
Now, a well-known BTC trader known on the internet as Angelo has affirmed that there is a big chance that the price of BTC may go down to $8,000 USD. According to him, the liquidation of long contracts could have a huge impact on the market.
If the market breaks below the $8,000 mark, some traders may capitulate and this means that the value can drop even more. It looks like the bull run may be over and there’s another bear market just around the corner.
As people are not psychologically prepared to see the market going down so fast, an abrupt change in market sentiment may happen and a huge crisis can begin.
The reasons why the prices are going down are not yet fully known. Some people have claimed that it is related to market manipulation while others believe that it has to do with the U.S.-China trade war. According to the ones who defend this idea, geopolitical risks are making these investors choose gold and U. S. bonds instead of crypto.
While equities are going down in value, gold is going up, which corroborates this theory. In any case, we have to wait before deciding that the bear market is here again. If the coin is able to regain its value quickly, the crisis can be averted.