Bitcoin is presently on another phase of price correction. It recently lost $10,000 support level, settling below the level for more possible price drops. To corroborate the present downtrend, a popular crypto analyst recently reiterates his former prediction of BTC retesting $8,500 before trending towards hitting $100,000.
Bitcoin maintained stability above $10,500 for a long time. At that point, BTC was expected to experience a major price uptrend or downtrend. This has been the usual reaction of the digital currency anytime such plays out.
Howbeit, with the look of things, the upside continuation might not be now, as there are more indications for subsequent price correction, which could be preceded eventually by a parabolic movement to the ceiling.
Bitcoin’s price trend has been a bit unpredictable lately, due to its perpetual fluctuation. Enthusiasts and investors are looking forward to see new highs, while some others wish for more BTC price plummets to give room for accumulation.
Other cryptocurrencies are also not left out in the price dip. The likes of Ripple XRP, Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) have lost at least 3% of their prices in the last 24 hours.
Tron (TRX) is notably the most affected loser among the top digital currencies in the market. It has so far experienced about 15% 24H price deficit. This could be simply attributed to the postponement of Justin Sun’s much awaited and extravagant lunch with the octogenarian billionaire, Warren Buffett, citing a sudden illness.
Bitcoin is still revolving below $10,000 resistance level, with possibility of more price dips. At the time of filing this report, BTC is trading at $9,998.03, with relatively 5% price decrease in the last 24 hours.
Analyst Reiterates that Bitcoin Could Plunge to $8,500 Price Region before $100k Rally
The possibility of BTC attaining these prices is liable to be tagged as slim, but considering its price movement from nothing in 2009, no price high regarding the cryptocurrency can be thrown under foot.
This probably boosted the hope of an analyst to reiterate his earlier predicted price for Bitcoin. He reminded his teeming followers by re-tweeting his earlier forecast about the cryptocurrency.
The prediction is about BTC price plunging below, before a fortune transformational price resurgence that would take its price up to $100,000 level.
$8.5k followed by $100k 🙃
— The Cryptomist (@TheCryptomist) July 14, 2019