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

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Fri, 11/08/2019 - 11:26
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    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

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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