Bitcoin could return to $ 7,700 last week, forecasts veteran crypto analyst @CryptoCred.
BTC bulls are desperately clinging to the $ 8,400 level right now, but in recent days volumes have dropped again. Growth at more than $ 8,700 was short-lived, and Bitcoin dropped rapidly in the $ 8100-8300 range.
$ BTC Update
Resistance resisted.
If S / R at $ 8270s acts as resistance, then I expect price to make its way to previous week’s low. Don’t fancy other support levels.
Additionally, HTF charts are starting to look a bit rough. Will end this thread for now and post HTF update later. pic.twitter.com/T3IsE7sHK8
– I think (@CryptoCred) October 13, 2019
Last time the BTC approached the psychological level of $ 8,000, analysts began to predict new minimum possible values. During the most recent drop in prices, there were expectations of a fairly profound drop in prices to $ 6,000 or even below $ 4,000. The current price behavior for BTC also recalls that of the autumn of 2018, where a long period of stability led to a crash of up to $ 3,200, the low level achieved in December.
Psychological level – $ 8,000
At the end of September, the BTC dropped dramatically to 7,800 and has remained around $ 8,200 over the past few weeks. Now, renewed stability creates new fears of another steep decline.
In its analysis, CryptoCred highlights $ 8,270 as a critical level, which has previously acted as a support and resistance to BTC price action. He predicts that if BTC encounters new resistance at this price point, then the asset will most likely drop to $ 7,700.
However, the Bitcoin network is showing positive signs. The mining activity produces 12.5 coins per block, ie about 1800 new coins every day. The hash rate has also increased significantly and is currently fluctuating between 95 and 110 EH / s.
A temporary fall in prices could therefore represent only a pause in the path to positive evolution.
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