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Bitcoin Price Could Return to $8,000 After Failed Bullish Breakout: Analyst

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    Bitcoin is currently changing hands below its 200 MA, which is bad news for the bulls

Cover image via www.123rf.com

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. 

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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. 

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. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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