Bitcoin has so far sustained $8,000 support level not for long. BTC has been changing hands around $8,100 and $8,200, with little or no indication of price upsurge as other top coins falter with the king of coins in the market. Cryptocurrency analysts continues to share their takes on the price trend in the past and now.
The downtrend witnessed by Bitcoin subsequently while it was closer to breaking above $14,000 resistance level had been forecast prior to the happening. In this regard, as BTC struggles for price resurgence, Credible Crypto, a popular cryptocurrency analyst has recently predicted that Bitcoin may retest $6,000 price region before a mega bounce to $14,000 and beyond.
Credible Crypto’s Take on the Price Trend of Bitcoin
Credible Crypto is a cryptocurrency analyst that boasts of relatively 50,000 followers on Twitter. In a previous statement on the 7th October, he opined that Bitcoin still has the tendency of recording new lows.
Back then, he pointed out that the drop would be short-term but didn’t stipulate the lower region to be expected. He however concluded that the bull back will precede a price uptrend expected to take Bitcoin beyond $14,000 resistance. He said, “…I do think we are headed lower in the short term before we break 14k…”
To corroborate his previous assertion, Credible Crypto recently shared another post on Twitter. He tweeted that $7200 and $7400 price level are his targeted bottoms. “I have had the 7.2-7.4k region as my bottom target for some time now…”
He continued by adding that any drop below those price levels could end in a dip to $6,000 price region. Howbeit, he ended his thought on a positive note by averring that the bottom would be preceded by a mega bounce back to $14,000 and beyond. “…but if it is lost I think we test the mid 6k region and then we get our mega bounce to 14k+…”
I have had the 7.2-7.4k region as my bottom target for some time now, but if it is lost I think we test the mid 6k region and then we get our mega bounce to 14k+. Will be buying more spot all the way down and likely opening some low-leveraged longs in the mid 6k's. $BTC pic.twitter.com/XfHdPdCRea
— Credible Crypto (@CredibleCrypto) October 9, 2019
Bitcoin (BTC) and Other Cryptocurrencies in the Market
Bitcoin has been revolving on the same price level over the past 2 days. BTC’s inconsistency in terms of price growth has quite affected every aspect of the cryptocurrency market. The hope of seeing the digital currency in the 5-digit price level in 2019 is getting slimmer day in day out.
Altcoins have actually performed better than the king of coins lately, aiding BTC to lose huge part of its domineering to other cryptocurrencies such as Ripple’s XRP, Ethereum (ETH), Stellar Lumen (XLM), and some other latest top performers.
At the time of filing this report, BTC is trading at $8,266.18 with 0.56% price upsurge in the last 24 hours. Despite the fact that Bitcoin is presently performing below par, some crypto pundits and enthusiasts are resolute regarding their belief of witnessing the significant resurgence of the digital currency, soonest.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.