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Bitcoin Price Is Likely to Hit $7,000 Again, Alts Will See New Yearly Lows: Trading Expert

  • Alex Dovbnya
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    While the market is on the fence about Bitcoin’s next move, Josh Rager thinks that the top coin will likely drop to the $7,000 level

Bitcoin Price Is Likely to Hit $7,000 Again, Alts Will See New Yearly Lows: Trading Expert
Cover image via www.123rf.com
Contents

On Sept. 25, Bitcoin finally faced its do-or-die moment that led to a nerve-racking 15 percent drop.

However, according to trading expert Josh Rager, the bulls will probably witness even more pain in the short-term.

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Back to the pre-Libra days

According to Rager, Bitcoin is very likely to end up in the $7,000 region where the top coin by market cap was trading before the Libra hype.

This mirrors the opinion of Coindesk’s technical analyst Omkar Godbole who assumes the high-volume breakdown of the great descending triangle has turned the table in the favor of the bears.

In fact, the Bitcoin price already dipped below $8,000 for a split second during the recent sell-off that market its third biggest drop this year.

The $7,500 price tag is on the cards unless Bitcoin somehow manages to surge above $9,500, which is very improbable at this point.

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Alts will see new lows

As reported by U.Today, Bitcoin Cash, EOS, Bitcoin SV dropped by more than 20 percent in sync with Bitcoin. If Bitcoin hits a snag one more time, altcoins are bound to record even bigger losses.

Thus, the top altcoins will follow in XRP’s footsteps and record their new yearly lows.

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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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