The selling pressure is still present on the Bitcoin market

The selling pressure is still present on the Bitcoin market

The price of Bitcoin has dropped from $ 10,000 to $ 8,000 in a very short period of time.

Many analysts who had stated that this year’s minimum value has been reached are now crammed into making bleak predictions.

Positive predictions claim that, since the BTC price reached close to $ 8,000 and returned to $ 8,400, the minimum level was reached.

“$ 8000 bitcoin is the bottom of this fix. Now we go to $ 16k by the end of this year or the beginning of 2020 ”,

claimed the user 21isnotnumber on Twitter.

The sales pressure did not stop

Others believe that Bitcoin should fall a little lower – movements made by “whales” on the market show that there are still cryptocurrencies for sale.

Forex Crunch and CryptoOrca, for example, are of the opinion that BTC should lower up to $ 7,500 in the following days:

“Bitcoin technical analysis: BTC / USD fell below the support level of $ 9500, the next level will be $ 7500”,

supported ForexCrunch.

Bitcoin technical analysis: BTC / USD smashed through critical $ 9500, bears now eye $ 7500 – https://t.co/PR783373Dt pic.twitter.com/2mbwcVkTcw

– Forex Crunch (@forexcrunch) September 25, 2019

Sales pressure can lead to Bitcoin even at lower levels, up to $ 6,000, a prediction based mainly on selling for liquidation and blocking some gains.

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CanteringClark argues:

“The long consolidation period ends with an evolution in an unexpected direction. A massive drop, buyers who do not jump to take advantage of prices. Not everyone bought when the price was 3-4,000. Many wishers have probably woken up late and will want to close in on the profit. We will soon see Bitcoin at 6XXX price level. ”

Peter Schiff, CEO of Euro Pacific Capital and known crypto-skeptic, predicts a rapid decline for BTC up to $ 4,000:

“Bitcoin has finally fallen under the support of the great downward triangle it has carved for months. This is a very visible technical model and confirms that an important top has been established. The risk is high for a quick descent up to $ 4,000 or below! ”

he claimed Twitter.

Latest Crypto Fear & Greed Index

BTC spent most of Wednesday’s day at about $ 8,400, with a gradual drop in prices over $ 1,500. With the sentiment showing “extreme fear”, the BTC is about to show what the pessimistic scenario will unfold.


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