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Bitcoin Price Drops Below $7,800, but Trading Legend Peter Brandt Says He’s Waiting for Uptrend Confirmation

  • Alex Dovbnya
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    The Bitcoin price falls below the key support level, thus enduring more losses

Bitcoin Price Drops Below $7,800, but Trading Legend Peter Brandt Says He’s Waiting for Uptrend Confirmation
Cover image via news.u.today

The price of Bitcoin, the top coin by market capitalization, has recently plunged below the 200-day moving average (200MA) of $8,322, the key support level.

Subsequently, this prompted another round of sell-off that pushed the BTC price to an intraday low of $7,750 that was printed at 16:27 UTC.

Bitcoin drops to the $7,000 level  
Image by binance.com

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Recent Bitcoin Price Drop Might Indicate the End of Bull Market: Trading Experts

Recent Bitcoin Price Drop Might Indicate the End of Bull Market: Trading Experts

As reported by U.Today, Bitcoin’s recent 15 percent drop has shifted the current market sentiment in favor of the bears. The relative strength indicator (RSI) has dipped the 50 level, which never happened during the previous bear market.

However, commodity trading veteran Peter Brandt doesn’t rule out that Bitcoin is still in the bull market. He claims that he needs a confirmation before re-employing capital.

At the beginning of September, Brandt alleged that Bitcoin might have gone parabolic for the fourth time.

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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

  • Yuri Molchan
    📰 News

    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’

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