A crypto analyst has predicted that bitcoin will retest at $3,000 before reaching a new all-time high. Currently, bitcoin is trading at $8,450. The price of the leading cryptocurrency took a massive hit on late 24th September after it slumped down from $9,500 to $8,000. The analyst claimed that bitcoin is currently in the bear market.
The predicted that the price of bitcoin would touch $3,000 in the next two weeks. For bitcoin to dive down to $3,000, it would have to fall more than 75% from the recent highs. Currently, Bitcoin is below 21 weeks monthly average, and if it continues to remain below, it is most likely that the price will retest at $3,000 the analyst added.
Earlier, CEO of Euro Pacific, Peter Schiff predicted that bitcoin might drop to $4,000 or lower. He tweeted that bitcoin had seen a major top and the risk is high for the price to go below $4,000. Schiff is not the only one who is bearish on the bitcoin. Several other analysts have echoed the same opinion.
#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!
— Peter Schiff (@PeterSchiff) September 24, 2019
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 $6180 & $6500 pic.twitter.com/vStTrGzSyr
— Josh Rager 📈 (@Josh_Rager) September 25, 2019
Bitcoin’s recent fall has confirmed test support near $7,500. Analysts had observed a descending triangle pattern that the bitcoin was following, and on Tuesday it broke below it as the price of bitcoin fell in double digits for the fourth time this year.
Let us know in comments where do you think bitcoin is heading after the recent crash?