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

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. 

#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

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. 

$BTC

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

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?