How Low Could Bitcoin Go? Will BTC Price Touch As Far As $7,500 USD After Testing $14,000
- Bitcoin’s drop to $10,300 is “big dip we've all been waiting for”
- We must expect a 30 to 40 percent correction if the intermediate trend tops
- Whatever Move Bitcoin Make, Just Don’t FOMO
- On June 26, Bitcoin surged to reach the 18-month highest level at $13,900.
The market was euphoric as crypto king shot up above first $12k then $13k on the same day then within minutes we were off to smash through another level. Though altcoins were somewhere behind, Bitcoin was rising at a speed that would have gotten us at a new all-time high within this week itself.
Within minutes, we tumbled and wiped all the “monster rally” from that day. This drop followed in the next day and then another one.
Yesterday, BTC corrected to as low as $10,300, and this has been the “big dip we've all been waiting for,” says crypto trader and investor Josh Rager.
For now, Bitcoin seems to be going up, currently trading at $11,832 with 24 hours loss of 1.20 percent.
Bitcoin price starting to move upwards after the drop to $10,300, Source: TradingView
The trading volume has taken a breather from yesterday's $6 billion as well, as today’s Real 10, 24 hours volume is at $5.14 billion and $38.9 billion, per Coinmarketcap. Meanwhile, Bitcoin dominance is holding strong at 62.6 percent, working towards reaching 2017 high.
Whatever Move Bitcoin Make, Just Don’t FOMO
Though, moving up at the moment, if Bitcoin decides to go down, how much exactly we could fall?
Many analysts are calling out for $8k.
“I believe we may be headed to $8,000,” says analyst Cane Island Crypto.
Today's candle is a massive bearish engulfing candle right now. If it closes that way, I am confident that BTC will test the 50 day EMA at a minimum, which is near 8700 right now.
— MAGIC (@MagicPoopCannon) June 27, 2019
However, Rager doesn’t think so. According to him, the CME gap might get filled at $10k, but a drop to the $8,400 gap is not what he sees coming.
One thing is for sure,
“Alt season on hold for now.”
Unpopular opinion; I want 8k.
— The Cryptomist (@TheCryptomist) June 27, 2019
While Rager doesn’t see $8,400 coming, cryptoanalyst, Bob Loukas puts the target as low as $7,500.
Loukas says, we have peaked for now.
“But are we going to consolidate here for a few weeks, before another rally to test $20k? Market seems to want a test of ATH's.”
However, we must expect a 30 to 40 percent correction if the intermediate trend tops. This will be followed by side-ways action.
Way I see $BTC now.
10-14 Day rallies of 40-60% coming after consolidation periods has been the structure out of 4-Year Cycle Low. We've seen 3 such events. pic.twitter.com/ijHyS947jH
— Bob Loukas (@BobLoukas) June 27, 2019
The interesting part is the weekend is here and in 2019, weekends see higher activity and price going up.
Whatever may be the move Bitcoin make here, “just don’t FOMO” says economist and trader Alex Kruger.
“Unless willing to take a dumb loss. Or become a long-term bag holder. Must have a game-plan.”