Bearish sentiments are looming in the market with Bitcoin having plunged significantly below $10,200. Bitcoin is currently trading at $10,144. According to a trader who goes by the name of Mayne on Twitter, this fall could continue and take Bitcoin to $9K.
The Past Week for Bitcoin
This is the first time Bitcoin has witnessed such lows since September 2, even though the past week has seen Bitcoin price behave quite erratically. Bitcoin was trading at $9757 on Sept 2, and it rose to $10346 in 24 hours. The bull run continued and Bitcoin closed $10,623 on Sept 3. Bitcoin continued to trade around the $10,600 over the next couple of days.
On Sept 6, the day of the Bakkt warehouse launch, Bitcoin spiked up to $10,898, but, it could not maintain its bullish movement for long and tumbled down to $10,300 in less than 8 hours. It hovered around the $10,500 mark on Sept 7 and Sept 8, and today, it has fallen below $10,200.
A $9K Low is Calling Says Trader
A crypto trader who goes by the name of Mayne on Twitter has predicted that Bitcoin might be heading to $9K.
He had tweeted that if Bitcoin began an upward movement after $10,400 it has a shot at $11K, which might even take it to a high of $11.5K. However, it seems that Bitcoin will be dumped, and if it goes below $10,200 then the “$9k equal lows are calling”.
Shortly after his tweet, Bitcoin plunged below the $10,200. So far, it is down $3.81% of its price on the day before. Altcoins are also bleeding, but not as much as Bitcoin. At press time, Ethereum is down $2.07%, XRP $1.62%, Bitcoin Cash $2.09%, and Litecoin $2.39%.
It seems as if the Bakkt warehouse launch frenzy has worn off and a bearish mood has taken over. Bitcoin had behaved in a similar manner at the time of the launch of CME’s Bitcoin futures when from $19371 on December 18, 2917, it had fallen over $2000 the next day to $17,275. What will happen around the launch of the Bakkt trading platform remains to be seen?
How do you think Bitcoin will behave right before and right after the launch of Bakkt on September 23? Share your views with us in the comments below!
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All things Blockchain & Crypto. 3 years for writing for Crypto Publications, ICOs and Blockchain cos. Book Junkie. Travel Freak. Food rules my mood. Enough said. Follow me on twitter @vinniesingh7 or mail me at vinnie[at]squadx.io