After the Bitcoin price had dropped below $8,000 earlier today, at the moment it has got over this psychological mark again.
In his recent tweet, Naeem Aslam, a crypto analyst and a Forbes contributor, has stated that he expects the bulls to resume their pressure over the RSI oversold level. However, should the 50-day SMA go lower than the 100-day mark and stay there, it could drive the market well into the red zone.
Bitcoin loses 15 percent of value within hours
Last week, the Bitcoin price suddenly crushed within a few hours, losing around 15 percent and dropping from around $10,000 first to $8,700 and then even under to the $8,000 mark. After that BTC recovered and hang slightly above $8,000.
This morning, the price declined to around $7,700 but at the time of writing, it is back to $8,043.
As the plummet of the Bitcoin price began last week, many experts started advising to ‘buy the dip’, among them the crypto investor Anthony Pompliano and the CEO of Morgan Creek Capital Mark Yusko.
When speaking to CNBC last week, he simply said ‘Buy it!’ referring to Bitcoin. Yusko also stated that daily price jerks should be ignored. Curiously, that earlier he predicted that BTC would hit $30,000 before conducting a major price reversal.
Are altcoins to blame for the BTC fall?
Another crypto analyst, @100trillionUSD, unlike many, believes that the current Bitcoin price plunge took place not due to the weak start of BTC futures trading on Bakkt.
As per him, “the rise and fall of altcoins is a more likely driver of 2017-2019 btc prices”.