U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Bitcoin Price May Slump to $9,300 but Trend Remains Bullish

Mon, 02/10/2020 - 15:16
Yuri Molchan
After hitting $10,142, today the flagship cryptocurrency’s price slumped to the $9,800 area and a trader now expects it to decline lower
Cover image via 123rf.com
Put your crypto to work:
10 ETH
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network

On Sunday, January 9, the price of Bitcoin managed to breach the $10,000 level. However, it did not go much higher and on Monday BTC started to fall, losing around $300 within a few minutes.

Now, as Bitcoin is trading at $9,828, some crypto traders believe that BTC remains in an upward trend. Still, it might continue declining, since the first sellers have entered the market to grab some profits.

‘Short-term downside pressure increases’

Crypto trader Salaheddine Bouhmidi tweets that after Bitcoin reached the $10,160 area, the first sellers came to the market to fix some profits. The trader points out that the current trend in Bitcoin remains bullish but there is a high chance of a short-term reversal.

Image via Twitter

Must Read
Crypto Scammers Impersonate Donald Trump in Fake Bitcoin (BTC) and Ethereum (ETH) Giveaway — READ MORE

Potential re-accumulation of BTC

Crypto analyst Michael van de Poppe also believes in a possible BTC correction. He reckons the Bitcoin price behavior will be rather calm for the time being and that the major digital asset may drop to as low as $9,000 - $9,300. Time for a potential re-accumulation for the sellers, he says.

Image via Twitter

While responding to crypto analyst Mia Tam, user @JKwoski also stated that the sellers are going to re-accumulate the BTC that they are now selling.

“This is supposed to happen. How else do whales accumulate more #Bitcoin? They sell tops and buy back at lower prices to get more Bitcoin. This has always happened. Normal.”

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.

Recommended articles
Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020
Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees
Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge
COVID-19 Crisis Ruins Bitcoin's Q1, but Bulls Could Soon Have Massive Comeback