As market plummets to $7,400, analyst Josh Rager, an advisor of Levelinvest and co-founder of blockroots, has said it is possible Bitcoin sees another $1000 drop in price if it moves beyond its present position.
The cryptocurrency market expert recognized that the $7700s was a monthly support and current volume-weighted average price (VWAP), however, he was sure that “$7400” was the area to watch and would be the last support, else the price of Bitcoin would dip to $6500s.
If the above did not happen, Josh Rager said Bitcoin’s potential of retesting $7900/$8000 is high.
Although Josh’s statement may not reflect the present face of the market since Bitcoin has gone a little bit up to $7548 after staying around $7400 for some time. Unlike Josh, some analysts believe this is the last time Bitcoin will go this low.
While $7700s was a monthly support & current VWAP – $7400 is indeed the area we want to watch and is the last support before falling down to $6500s
If BTC holds here, it could at least go up to re-rest $7900/$8000
But from here, another $1000 drop isn't out of question
— Josh Rager 📈 (@Josh_Rager) November 21, 2019
While this may appear a mere opinion, Venture capitalist Tim Draper recently said Bitcoin price will reach $250,000 in no distant time, but the crypto lover said Bitcoin Lightning Network among other things, will push the price of Bitcoin higher.
During the Malta AI & Blockchain summit this month, Draper made the claim restating his expectation that Bitcoin could reach $250,000 by 2022 or 2023.
Meanwhile, the present market fall has completely wiped out the whole of the October market price increment.
What is Behind the Present Bitcoin Deep?
There are speculations the present market dip may be caused by Chinese government’s clampdown on crypto-related activities in the country after President Xi Jinping openly supported blockchain technology, an underlining technology behind cryptocurrency.
Shortly afterward, the country stated that its support for blockchain should not be misconstrued as love for cryptocurrency.
What followed were different condemnations on crypto projects to the extent that the Shanghai government started running after crypto exchanges said to be running without permission.
As that continues, a report stated the country’s police closed down Binance office in Shanghai, before the largest exchange debunked the report, claiming it has no office in China.