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Bitcoin Price May Spill ‘More Blood’, Declining to $8,600, Crypto Traders Say

  • Yuri Molchan
    📰 News

    While the Bitcoin price keeps declining, crypto analysts are expecting ‘more blood’ on the crypto market as BTC is likely to drop to $8,600

Bitcoin Price May Spill ‘More Blood’, Declining to $8,600, Crypto Traders Say
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The Bitcoin price has been declining after a brief rise towards the $10,000 mark. As one of the reasons for that the positive result of the trade negotiations between the US and China could be suggested.

However, crypto analysts are predicting that the price of the flagship cryptocurrency may keep going down and hit $8,600-$8,800.

Currently, the price stands at $9,072 per BTC.

BTC price $9,072
Image by Coinmarketcap

‘I’m expecting more blood’

The crypto trader from Twitter going by the name @ImNotTheWolf says that the Bitcoin price is likely to continue declining and he is expecting more blood spilt here soon.

In another tweet, however, he hoped for a brief rise to grab some profit on scalping. He remains positive anyway, saying that should BTC drop lower, he will merely increase his position in ‘digital gold’.

Will Bitcoin hit $8,600?

Another analyst, @CryptoMichNL, announces more specific figures for the possible Bitcoin price movement and forecasts a possible decline to the $8,600-$8,800 area.

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The much-expected Bitcoin halving

Overall, despite the current Bitcoin red market, the community remains positive on the future of BTC price thanks to the approaching halvening in May 2020.

As a reminder, the rewards for BTC miners will be cut down in two. This will make Bitcoin more scarce and is expected to push its price well above the current level.

 

What are your thoughts on the further Bitcoin price behavior? Feel free to share them on our Twitter page!

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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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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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