The price of Bitcoin (BTC), the largest cryptocurrency by market capitalization has a few hours ago experienced another retracement after breaking above $9,000 resistance level.
Before this occurrence played out, some analysts had repeatedly stated that the uptrend may not last before it sees another downtrend.
Regarding the price downtrend, a popular Crypto Twitter analyst, Crypto Michael had hinted what to expect next as Bitcoin trends downside. There, he insisted that Bitcoin could retest $8,200 if it fails to break above $8,860 resistance level.
Crypto Michael Says Bitcoin Could Retest $8,200
Crypto Michael is a popular cryptocurrency trader and analyst on Twitter, who based his analyses and predictions on both long and short terms.
In one of his recent tweets, he pointed at the CME gap around $8,860 on the chart he captioned, which is likely to get filled soon to bring the price trend back to a favorable normalcy.
He then concluded that failure to breakthrough could be termed as an underway bearish retest. He said the subsequent downtrend could make BTC retest $8,200 price region.
He said, “When it comes to Bitcoin, I still have this as my main scenario. There’s a CME gap around $8,860 at this point, which most likely will get filled. If there’s no clear breakthrough, I’d see it as a bearish retest, aiming $8,200.”
When it comes to Bitcoin, I still have this as my main scenario.
There's a CME gap around $8,860 at this point, which most likely will get filled.
If there's no clear breakthrough, I'd see it as a bearish retest, aiming $8,200. pic.twitter.com/U1PJX1SxXT
— Crypto Michaël (@CryptoMichNL) January 21, 2020
Bitcoin Recent Trend and the Market Situation
It was a merry moment in the cryptocurrency space about two days ago when the majority of the digital currencies led by Bitcoin were firing on all cylinders.
Members of the crypto sphere had thought that the trend would continue for days, but the expectation only played out otherwise. A couple of minutes after BTC retested $9,000 resistance, it embarked on a price nosedive as usual.
BTC is now priced around $8,600 price level. The next price trend of the digital token is still seemingly glooming, but where its price is heading would be obvious in a number of days.
At the time of filing this report, BTC is trading at $8,632.59, with 0.29% price downtrend in the last 24 hours.