Bitcoin (BTC) Price Likely Heading for $7,350, Top Analysts Say

News
Mon, 03/09/2020 - 08:14
Yuri Molchan
As Bitcoin has plunged below $8,000, major analysts and observers are expecting it to head lower and touch the $7,350 price level – then quickly reverse back to $10,000
Cover image via www.shutterstock.com
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On March 8, right on International Women’s Day, Bitcoin suddenly lost 10 percent plunging down to the $8,300 area. Right now, the major cryptocurrency is trading below the $8,000 level – at $7,928, as per CoinMarketCap.

Analysts are predicting an even harder fall in the short term. However, some expect Bitcoin to make a quick move back to the $10,000 mark.

Trader Carl Eric Martin (also known as The Moon Carl on YouTube and Twitter) has recently tweeted a reason behind Bitcoin’s fall. He wrote that it's due to the recent dump of 13,000 BTC onto the market by the Plus One crypto scam team – that’s 117 mln in USD.

‘BTC might hit $7,350-$7,500’

Looking at the Bitcoin charts, Michal van de Poppe says that Bitcoin is overdue for a bounce, however, unlikely to overcome the $8,500 level. The analyst rather expects the chief cryptocurrency to keep declining and hit the $7,500 or $7,350 after hitting $8,200 first.

‘Bitcoin has to fill the gap and bounce’

Major YouTube crypto blogger and Bitcoin educator IvanOnTech has taken to Twitter to express his take on the current situation with the BTC fall.

Ivan believes that Bitcoin is plunging to fill the CME gap at $7,700. After it reaches this mark, Bitcoin is going to bounce, the expert states.

Related
Nouriel Roubini Destroys Main Bitcoin (BTC) Narrative

‘BTC going to bounce back to $10K real fast’

Code to Inspire co-founder John Lilic believes that the flagship currency is going to rush back to $10,000 pretty fast, expecting it to happen by midday Monday EST.

This dump, he states, is merely a market manipulation.

“The bounce back to $10k #bitcoin is going to be real fast perhaps my midday Monday EST. This recent dump is not anything other than the usual mkt manipulation, w/ crypto pundits trying to rationalize the macro news. If shit is really hitting the fan, I want crypto even more.”

The chief of digital assets at VanEck’s, Gabor Gurbacs, believes the following to be the reason for the current price plunge:

“The reason Bitcoin is crashing can be explained by the fact that, at the moment, there are more sellers than buyers.”

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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