After riding highs of the year and touching $13,000 bitcoin has entered in bearish territory. Price of bitcoin hovered around $10,000 for more than three weeks. On Tuesday the price slumped down from $9,500 to $8,000 in a jiffy. At the time of writing the price of leading cryptocurrency is changing hands at $7,950.
Trend analysts believe that bitcoin has already established a major top and things are only going downhill from here. After testing a support level at $9000-9500, now it is retesting it at $7,000. If bitcoin fails to hold on to the new support level, we might see it slide down to the lows of this year around $3,000.
Analysts had earlier observed a descending triangle pattern that bitcoin was following and had warned that it is mostly followed by a fall in the price. The predictions came true as the price broke below the descending triangle on Tuesday.
Now analysts are predicting that bitcoin is heading towards $3,000 if it fails to hold on at the current price. Before hovering around $8,000, bitcoin is likely to test the lower support. Earlier, Euro Pacific Capital CEO, Peter Schiff tweeted that after breaking descending triangle bitcoin might further slide down to $4,000 or lower.
#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
Peter Schiff is not the only one who is bearish in the bitcoin market. Trend analyst Josh rager echoed the same opinion as he predicted that if bitcoin fails to maintain at $8,000, it might head downwards.
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
Let us know in comments your views on bitcoin crash, and where do you think it is heading?