Bitcoin price has begun to slip once again with the possibility of staying below the 5 digit value. The inability of Bitcoin to retest its year high value has been a major concern in the crypto space, making thousands remain bearish on the market price trend determinant digital currency, among which BlockTV reporter Joe Saz who is a trader lies.
During a daily price forecast of BlockTV tagged ‘Trader’s Take’, Joe Saz, a Bitcoin maximalist, stated that he remains bearish on Bitcoin per the display of the coin on its year-to-date chart.
Joe said Bitcoin is currently trading in a dangerous territory. He added that it will be dangerous for any trader to be bullish on the coin at the moment, with the opinion that we are headed for $9,300.
— BLOCKTV (@BLOCKTVnews) September 11, 2019
Captioning the 5 month chart of BTC, Joe said we are undoubtedly on a descending trend, and nothing seems to be changing the condition. Although nothing stops an upward trend from prevailing, but the fractal is not just exhibiting an upward momentum enough to pull the trigger, he added.
Previously during the weekend, Bitcoin made an attempt to trigger a bullish trend, hitting the $10,800 high, but it got rejected almost immediately.
Bitcoin Going to $7K Range Soon
Renowned analyst, Dave the Wave, also joined the bearish train but on a bigger ground, averring that Bitcoin would likely drop to around $7K.
Dave the Wave said his prediction was birthed by a comparison between the current trend of Bitcoin and its price development in early 2017, the year that brought about the Bitcoin’s all-time high price.
“At least the 7K range is within striking distance,” He added.
If you're wanting to compare current price development to early 2017 then at least the 7K range is within striking distance…. pic.twitter.com/DtQfo6C2eR
— dave the wave (@davthewave) September 11, 2019
Bitcoin Price Descending Toward Accumulation Zone
At press time, Bitcoin is priced a little above $10,000 after BTC went up to around $10,800 on September 6.
All attempts made to drive above $11K failed and Bitcoin continues to remain moribund around $10K with possibility of witnessing more pullback as predicted by a number of analysts in the space.
Bitcoin trades with -2.11% value change in the last 24 hours. However, if the trend continues, a collapse towards a new accumulation zone can surface.