After Bitcoin fell below $10k once more, and then ever further towards a range of $8.5k, many traders and analysts believe that we’ve yet to bottom.
Despite half expecting the value of BTC to make a brief recovery to $9k, the reality is, is that bitcoin is still below such a level and is priced at $8,347.49 at the time of writing and if fluctuating between the red and green.
Some analysts like DonAlt put this fluctuation down to the recent release of the Bakkt platform. Despite all the hype, bitcoin futures just couldn’t keep up.
“Thank you Bakkt for making this market fun again.
8 touches and the lower part of the range gave out.
If BTC can reclaim the range there is hope for a move up.
If not I’m looking at 7700-7350 as first significant support.”
Looking on historical data we can see the price of bitcoin tends to correct by 30 percent amidst extended corrections.
Another prominent analyst in the space, Josh Rager had this to say:
“If Bitcoin fails to break above the current level, we’ll get another retest of the support below – which has bounced once and could hold But if this isn’t a bear trap I do see price heading down to low $7ks Lots of buyer are waiting between $6,180 & $6,500.
IMO, the best and wisest move is to continue to scale in at major support areas While many are now targeting $6,100 to $6,500 as the ‘bottom’ – I can certainly see this level be front-run like every other major target this year Another potential opportunity to get <$8k $BTC.”
Remember, we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
The rise in the price of cryptocurrencies has been often accompanied by an increase of general interest by big institutional investors & banks. At the end of 2017, we saw a lot more people enter the market who probably never even heard of cryptocurrency and get involved with the space.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!