Crypto Analyst Says ‘Don’t Panic’ Bitcoin’s 30% Drop To $9,050 Is Not A Cause To Worry
- Bitcoin deep in red at $9,150, wiping out all the gains made following the Facebook’s Libra announcement
- But no need to worry, enjoy the BTC discount
Bitcoin price is having a hard time.
— Alex Krüger (@krugermacro) July 16, 2019
On June 26, we climbed to about $13,900, only to fall to $9,600 level, registering the pullback of 30 percent.
This correction has been expected to be the end of the drop as industry experts called for a flight to a new high.
However, Bitcoin was planning something else.
On July 9th, BTC price went to $13,100 yet again, but couldn’t stay above $13,000 this time as well. For the past week, the flagship cryptocurrency has been constantly on the downward move
Now, in the past 24 hours, it has taken a serious drop of 12.86 percent, going as low as $9,189 on Bitstamp. The trading volume has also started gaining momentum as from yesterday’s $1.8 billion, it has now crossed $2.75 billion.
But no need to worry…
Analyst The Cryptomist ensures that despite Bitcoin price taking a hit, there is no reason to worry.
But why you say?
Because it’s not the first time that the leading cryptocurrency has made such a deep correction.
During the 2017 bull market, we saw a drop of approximately 40 percent from the end of August till mid September. And we are experiencing a similar drop right now, she explains.
However, this also means, this pullback could further extend to $8,100. Just like the last time, a 40% crash will have us close the $8,500 BTC future gap, which the analyst believes is where we are heading to.
This is not the first time, the drop like the one we are going through was present in the previous market as well, so, “don’t panic,” just stack some sats and enjoy the discount on BTC price.