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

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Mon, 02/10/2020 - 15:16
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    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

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

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.

BTC 1

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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.

BTC 2

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.”

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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.

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