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

ByBit
  • Yuri Molchan
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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

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!

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

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 Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
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.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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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