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📈 Price Predictions

BTC Price Breaks $8K Support And Starts Drowning – Where’s The Bottom?


BTC Price Breaks $8K Support And Starts Drowning – Where’s The Bottom?

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

Bitcoin price has made a first Lower Low since February 2019, which means it is opening the bearish period and is very likely to touch the bottom – it’s just a matter of time. What concerns traders now is how low can Bitcoin fall, and when to enter the market?

$7,800 is evidently not the lowest mark we’ll see in the upcoming days, so let’s find out what we might expect from BTC. Read Bitcoin price predictions from Twitter users.

What’s happened to Bitcoin?

Here and there, we see the following tweets:

Bitcoin price started a major downward move below the $8,200 and $8,000 supports. Its price even broke the key $7,600 support level and it is currently recovering higher.

Right now, we have two major bearish trend lines forming with resistance near $7,950 and $8,200 on the hourly chart of the BTC/USD. The pair is likely to struggle near the $8,000 and $8,200 resistance levels in the near term.

Current trends

It’s clear that the bearish market has already begun. We cannot ignore the fact that BTC started the series dramatic falls.

Yet, it’s a great opportunity for trading and reaping profits:

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Why Does Bitcoin Have Any Value?

Why Does Bitcoin Have Any Value?

Indeed, Bitcoin needs a break before it starts crawling to $9,000 long-awaited price again. We just need to be a bit more patient.

Interestingly enough, whales can really change the market. Here’s what one Reddit user wrote:

About 20-30 minutes before the dump, a whale moved 25K BTC (worth $215 million) to Coinbase. About an hour after the dump, a whale moved $14K BTC (worth $112 million) from Coinbase to another wallet

Here’s another opinion about the Bitcoin price dump:

Where’s the bottom?

Many users start claiming that Bitcoin should touch the level around $6K:

It seems to be a healthy retracement, and traders predicted that before the dump started happening. The current $7,400-7,700 level is not the bottom – Bitcoin should go deeper.

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"More Pain Ahead" for Bitcoin Price: Bloomberg

According to the article, mass retail accumulation here could well see a greater volume of FOMO that the recent rally and push the asset to five figures pretty quickly.

The long-term trend indicators are still bullish so there is no need to panic despite the mainstream media FUD storm that is likely to materialize if crypto markets do correct by this much.

The main recommendation now is to look at the volume:

Final thoughts

What we see now is a healthy retracement. There’s quite a lot of volume going through the market, and price fluctuations are normal Bitcoin volatility.

At the end of the day, it still doesn’t take a lot of money to move these markets compared with traditional markets.

Don’t be afraid if BTC touches $6K zone – it’s a temporary period when you will be able to enter the market.

Cover image via www.123rf.com
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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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