Analyst: Bitcoin Could Hit $9,000 Should Bearish Breakdown Occur; Here’s Why
Bitcoin and the entire cryptocurrency markets have been caught in the throes of volatility as of late, which has resulted in the formation of a period of consolidation for BTC.
This period of consolidation has left many traders scratching their head as to where it is heading next, but analysts are now noting that the formation of several bearish technical formations could point to the strong possibility that the crypto will drop below the $9,000 region in the near-future.
Bitcoin Slowly Descends Lower, But a Sharp Drop Could be Imminent
At the time of writing, is trading down nearly 2% at its of $11,420, which is down significantly from its 24-hour highs of nearly $12,000.
BTC’s upwards move towards $12,000 yesterday, and subsequent drop today, signals that bulls have not been able to regain control over the cryptocurrency, which may mean that significantly further losses are imminent.
This downwards pressure that Bitcoin has been experiencing as of late first began with it sharply moved to $13,800 in late-June, which sparked a torrent of selling pressure that has led it down to its current price levels.