Tuesday, November 30, 2021

BTC price prepares to test $8,000 again as other altcoins plunge to new lows

The Takeaway:

Bitcoin drops to low $8,000 as the leading cryptocurrency breaks out of the descending triangle pattern. Many analysts had predicted a bearish market for bitcoin. Now they fear they fear if bitcoin fails to recover it might further retract. Price of major altcoins also crashed significantly.

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Bitcoin finally broke out from the descending triangle and slumped down more than 13%. The price of the leading cryptocurrency touched low $8,000. At the time of the writing, BTC is changing hands at $8,532. Many experts had predicted a bearish run after observing the descending triangle pattern. 

Earlier the hash rate of the bitcoin network dropped almost 40% overnight. CEO of Euro Pacific Capital, Peter Schiff tweeted that bitcoin has finally broken below the support line of the descending triangle and it might even further slide down to $4,000 or lower. 

Crypto analyst Josh Rager tweeted that if bitcoin fails to break above the current level, it will see another retest of the support below. He added that if this isn’t a bear trap bitcoin might further retract to low $7,000. 

Bakkt’s first day was also disappointing. Many experts had hailed Bakkt’s bitcoin futures contracts as bullish for the bitcoin market. Other major cryptocurrencies also suffered as their prices plunged. Ethereum dived down by 15% as it currently holds support at $170. XRP which had recovered well last week also slumped 11% to $0.24. 

Bitcoin Cash dropped by 20% as it currently trades at $230. Litecoin fell below $60 as it saw a dump of 15%. EOS and Binance Coin dumped 22 and 16% as they change hands at $2.90 and $16, respectively. In the last 24 hours, more than $30 billion has been dumped from crypto assets

Even though many experts had predicted a bear market for bitcoin, but it still was a shock to the crypto community as the price of the leading cryptocurrency along with other altcoins dropped. Let us know in comments what do you think about the price drop and would bitcoin be able to recover?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

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