The price of BTC in the past week has shown major fluctuations. While Bitcoin maintained its position above the $10k mark for a few days, it could not hold on to it for long. Before the end of day on the 29th August, it crashed below the long-held support level.
Following this major price plunge, analysts are now predicting that BTC might be on its way to a major 20%-30% price dip which can cause the price to perambulate around $7.5k region in the next few days. However, this drastic price fall, according to popular BTC traders, is healthy and would initiate the next bull season.
The Road To The Bear Markets
On August 28, BTC began a price plunge in which it moved rapidly from the $10,200 arena to the $9,700 area, losing around $500 in the process that represented a 5% dip in price within the hour. And shortly after, as though it were exhausted, briskly reversed the situation to gain about 2% before taking another U-turn to continue its bearish movement. The latest downward swing has caused BTC to fall below another major support level at $9500.
Analysts Are Bearish On Bitcoin
A Popular Whale whisperer and semi-retired crypto trader who runs a crypto Twitter account with a good following, going by the name AngeloBTC, recently shared his BTC price expectations. According to him, BTC is heading to break major resistance at $8k level.
Got a message from a friend that trades with serious size – he said long capitulation once we break $8k.
I tend to believe him.
— Angelo฿TC (@AngeloBTC) August 28, 2019
Dave the Wave’s Prediction
Similarly, another experienced crypto influencer specializing in charting and who is also a bitcoin investor, took to his Twitter handle to share his prediction of a major price plunge which, according to him, will take BTC to the $7.5k area. Even $6.5 is within expected range as this underway bear movement is expected to go as far down as 50%, he says.
Some buying targets.
7.5K looks well within striking range given a retracement to that level would be just over a third of the move up.
Even 6.5K looks within range, which would be a 50% retracement. pic.twitter.com/IPjfVSwbAC
— dave the wave (@davthewave) August 30, 2019
Many analysts are showing great concern around the present BTC bear movement. Popular cryptocurrency investor and analyst going by the name TraderWelson on Twitter also conducted a price poll in which a majority (about 50%) of respondents voted that BTC will go to the sub $8k area.
The reason for this bear market is not exactly known. However, some people believe that it is related to acute market manipulation before Bakkt starts operating while others think that it is related to the U.S.-China trade war.
DonAlt tweet stipulates that as the long-lasting support of bitcoin reduces and weakens, the short term bias of the crypto has moved towards the downtrend.
$BTC daily update:
Consolidating in the lower part of the trading range after a false breakout caused by Bakkt FOMO.
That's bearish to me.
The more time BTC spends down here the more bearish it gets.
Bulls need to reclaim 10350 quick otherwise I'll expect a breakdown. pic.twitter.com/90tc6TuUSW
— DonAlt (@CryptoDonAlt) August 22, 2019