Bitcoin Price May Plunge Due to Several Major Bearish Factors, Including Large Difficulty Adjustment

News
Mon, 06/15/2020 - 14:28
Yuri Molchan
Blockchain expert Joseph Young expects this week to be interesting for Bitcoin and reveals several big bearish factors, while Preston Pysh believes BTC is going to plunge
Cover image via stock.adobe.com
Contents

Renowned Bitcoin expert and columnist, Joseph Young, has shared several big factors that may affect the Bitcoin price this week, which Young says is going to be interesting.

Meanwhile, the founder of BuffettsBooks.com, Preston Pysh, and the Blockware Mining CEO Matt D'Souza expect Bitcoin to plunge well below the $9,000 level due to the upcoming difficulty adjustment.

These two crypto influencers claim that this will be an excellent opportunity to buy the dip.

This week should be very interesting for Bitcoin

Joseph Young has enumerated several major factors that are likely to push Bitcoin down this week. One of them, also mentioned by others on CT, is the approaching Bitcoin difficulty adjustment of +16.25 percent due in one day, as per the BTC.com website.

Image via BTC.com

This difficulty adjustment will likely be the biggest one since January 2018, Young says. The other bearish factors are rejection at the major $10,500 resistance, strong buying demand at the $8,900 level, and a major bearish triple-top formation.

Image via @iamjosephyoung

Related
Bitcoin Price Could Break Towards $11,000-$12,000: Top Crypto Analyst

Bitcoin expected to plunge well below $9,000

While sharing his opinion on the approaching BTC difficulty adjustment and whether it will impact the Bitcoin price, the CEO of Blockware Mining, Matt D'Souza, tweeted that Bitcoin is going to have lots of pressure in the upcoming two weeks.

He expects the price to go down below $9,500. He also wrote that the range between $9,000 and $7,600 would offer excellent prices for accumulation.

The founder of BuffettsBooks.com, Preston Pysh, has tweeted a similar view.

Image via @mjdsouza2

 

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.


This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings