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.
‘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’.
Closed my shorts. Now I am building my long position. Hoping to catch a small bounce here to scalp, otherwise I'll just wait for the panic dump from the support break and increase my position. #bitcoin— wolf (@ImNotTheWolf) November 8, 2019
Margin trade @ https://t.co/caB2vEs2WC pic.twitter.com/xXcMQdC26E
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.
$BTC #BITCOIN— Crypto Michaël (@CryptoMichNL) November 8, 2019
✅ Still stuck in descending channel.
❌ Couldn't hold the 200-Day MA.
❌ Couldn't break 'summer level' at $9,300 for support.
Seems to me that we're continuing to range with $8,600-8,800 as lower support including 200-Day EMA.
Could take some time. pic.twitter.com/Z7ZqKfMMzi
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.
Right now, to maintain the price of bitcoin, the market has to absorb ~1800 new BTC every day. In just a few months, the market will only have to absorb ~900 new BTC per day to maintain price levels.— Conner Brown (@_ConnerBrown_) November 8, 2019
That sounds like rocket fuel to me.
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