According to Coindesk's analyst Omkar Godbole, the Bitcoin price could soon return to the $8,000 level after a failed test of the $8,800 resistance.
As reported by U.Today, Bitcoin experienced a precipitous drop on Oct. 11, which instantly pained the whole cryptocurrency market red. As a result, there was a knee-jerk reaction that would it embolden the bears to push for another dip below the $8,000.
However, 'The Wolf of All Streets' recently tweeted that the selling pressure was weakening, which means that the probability of another sell-off is not that high.
(3) On the flip side, price is hovering around a clear level of support, largely following a path that I drew 2 days ago. Bulls have been watching this area to fill their bids - the wick below may be indicative that the selling is weakening and liquidity has been found for longs. pic.twitter.com/eFlOmyLjY5— The Wolf Of All Streets (@scottmelker) October 11, 2019
At the time of writing, the coin that started it all is trading at $8,348, below its 200-day MA of $8,654.
Godbole says that Bitcoin needs to record a daily close above the aforementioned level in order to revive its bullish momentum.
Will Bitcoin be able to recover after another drop? Feel free to share your prediction in the comment section.