Yesterday, Chaintimes brought into your notice, the possible bitcoin price dip that can affect the crypto market. As predicted, bitcoin did fall by almost 15%. The crypto coin experienced a massive plunge of $1,500 in just 30 minutes and reached 8K. Over $600 million longs were liquidated on Bitmex, reflecting the community’s erroneous bullish stance. Analysts predict a further decline in BTC’s price after the sudden crash below $9k.
Bitcoin escapes descending triangle
A tradingview analyst, Yuriy_Bishko, predicts a fall to $7,400 as bitcoin broke the descending triangle yesterday. He suggests a small bounce as this range can act as support but eventually a drop to $5k is forecasted.
BTC to fall to below $8k
Josh Rager, a crypto trader, and analyst predicts a fall to $7k if the crash is not a bear trap. According to him, $9,300- $9,700 range will be the critical resistance for BTC to break into a bullish trend. Current trends can fall to $7,200 if the $8,000 support is tested.
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
Head and shoulders predict a drop to $5k
ekeneobi, A tradingview analyst, brings the head and shoulders pattern followed by BTC to attention. He advises the traders to play with the presented trends and not with the desired trends of the market. The analyst highlights 2 H&S targets: Interim target at $7,000 and the final target at $5,000.
Analysts recommend short selling
Shorting on BTC is recommended by dennisdaiber on Tradingview, as Bitcoin fell below its first support level of $8,500. $7,300 will act as the next support level, but he predicts a drop to $6,500 if the descending triangle’s pattern is followed.
Short sell is advised by Moiseiev_Yurii, an analyst on tradingview as $9,100 support level has become resistance. BTC’s price is likely to drop to $7,500 according to his assessment.
The uncertainty is high in the community. Traders are advised to be diligent before making a decision. Your insights about the future of BTC are welcome in the comment section below.