Bitcoin Price Dips Below $8,000 While Crypto Market Is Expecting Another Volatile Move

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Wed, 10/23/2019 - 06:05
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Alex Dovbnya
Bitcoin is trading below the pivotal $8,000 level, and that might mean that the storm is coming
Bitcoin Price Dips Below $8,000 While Crypto Market Is Expecting Another Volatile Move
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Bitcoin (BTC), the top cryptocurrency by market cap, is testing the $7,800-$7,900 support for the fifth time since plunging 20 percent on Sept. 24. 

This time around, bulls might be way too exhausted to defend the above-mentioned price level, which could potentially result in another major downward move that bears have been waiting for. 

At the time of writing, Bitcoin is trading at $7,946 after a sizeable 3.22 percent drop, CoinStats data shows. Altcoin holders are also feeling the burn -- Ethereum (ETH), the top coin by market capitalization, is currently down by almost 5 percent while Bitcoin Cash (BCH) has plunged by 6 percent.     

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Despite the gloomy technical picture, cryptocurrency trader 'Galaxy' says that it's too early to call the battle. 

Meanwhile, Josh Rager hopes to accumulate more at the $3,000 level in case of another major price drop. 

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Bitcoin has been going back and forth within the same price range for nearly a month with a few notable fakeouts. It doesn't take a trading guru to predict that the top coin might experience another volatile move in a matter of days given that the Bollinger Bands, a key technical indicator for measuring volatility has been extremely tight as of recently. 

Trader "The Crypto Dog" says that he's surprised that anyone is still able to buy BTC at $9,000. Meanwhile, famous gold proponent Peter Schiff insists that the orange coin is way too expensive, and its price might drop to as low as $200.

What will be Bitcoin's next move? Share your take in the comments!   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.