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Bitcoin Price Tanks Below $10,000. Is Bull Run Over?

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  • Alex Dovbnya
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    We are back in the four-digit reality as the Bitcoin price plunges below a major resistance level

Bitcoin Price Tanks Below $10,000. Is Bull Run Over?
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Bitcoin, the biggest cryptocurrency by market capitalization, has just dipped below the $10,000 mark after continuous sell-off that has been going on since the coin touched its yearly high of $13,709. 

As euphoria is slowly fading away, multiple mainstream outlets start calling the ‘golden bull run’ into question.

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The worst-performing coin

BTC is currently the only cryptocurrency inside the CoinMarketCap top 20 that declined by more than 10 percent as its dominance is about to slip below 60 percent.

The top 7 coins by market capitalization
Binance Coin records a green update while the broader market in drowning in red, image by CoinMarketCap

Binance Coin definitely stands out in this sea of red with a minuscule price 1 percent price increase that keeps it in the green. 

In fact, it is only one of four top 100 coins (along with Ren, Revain and V Systems) that didn’t cave in to the bears.

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The bulls remain optimistic

While it is tempting for the bears to assume that Bitcoin will rather tank to $3,000 than go above $10,000 again, the bulls remain cautiously optimistic. Commodity trading legend Peter Brandt recently claimed that 30-50 percent pullbacks are ok-ish for BTC even during the bull market.

At the time of writing this article, BTC is sitting at $9,878. An (imminent?) drop to would  $9,715 mark a 30 percent pullback.

Trading expert Josh Rager, for instance, sees the four-digit price tag as a major buying opportunity.
 

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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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