NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Analyst Claims Bitcoin Drop Towards $7,000 Highly Probable

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin BTC

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin and the aggregated crypto market incurred a sudden influx of buying pressure late-yesterday that allowed most major cryptocurrencies to post some decent gains, although these were largely erased overnight as BTC dropped back down towards $10,400.

Bitcoin’s consistent ability to post strong bounces with each visit into the $9,000 region certainly provides some justification for a bullish outlook on the cryptocurrency, but one analyst is now pointing to the existence of a large falling wedge, which may mean that BTC will drop as low as $7,400 before positing a sustainable rally.

Bitcoin Fails to Rally Overnight

At the time of writing, Bitcoin is trading up nominally at its current price of $10,440, which marks a slight rise from its 24-hour lows of below $10,400, but also marks a minor pullback from its daily highs of nearly $10,600.

This daily high was set when the aggregated crypto market began incurring upwards momentum throughout yesterday afternoon, which led multiple altcoins to surge as much as 10%.

Earlier this morning, however, Bitcoin surrendered these gains, signaling that there is not currently enough buying pressure to justify any type of significant upwards movement.

With this being said, it is highly likely that BTC is currently caught within a bout of consolidation, which may extend significantly further unless there is some catalyst that can spark the next up or down trend.

One potential catalyst that could spark some major momentum in the markets could be Bakkt, who is launching its physically settled Bitcoin futures platform in a couple of weeks, which is expected to open the markets to more large investment institutions.

Could a Falling Wedge Send BTC to $7,400?

Analysts are noting that Bitcoin could still fall significantly further in the near-future, as Bitcoin Jack, a popular crypto analyst on Twitter, recently noted that the crypto is currently trading within a falling wedge that could lead it as low as $7,400.

“I think this is the most likely scenario for $BTC. Bleed our way to 7.4K in a falling wedge bottom in early November. From there we push in to breakout and throttle full force, making our way back above $10K late November or in December and set course for near ATH towards halving,” he explained.

I think this is the most likely scenario for $BTC

Bleed our way to 7.4K in a falling wedge bottom in early November

From there we push in to breakout and throttle full force, making our way back above $10K late November or in December and set course for near ATH towards halving pic.twitter.com/j5lXXkuqYT

— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) September 7, 2019

As Bakkt’s launch nears and BTC continues to trade within the mid-$10,000 region, it is highly probable that analysts will soon understand whether or not the crypto still has one more massive drop in its cards before the next major uptrend begins.

Featured image from Shutterstock.
Tweet123Share196ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

dogecoin_doge_dogeusd_5_optimized

Dogecoin Leads Altcoin Rally Amid ETF Speculation: Is $1.50 the Next Big Target?

Dogecoin (DOGE) is leading the altcoin market higher as speculation surrounding a potential Rex-Osprey Dogecoin ETF intensifies. The memecoin surged...

James Halver 3 hours ago
Zuid-Korea crypto real estate revolutie - Bullish voor de september crypto koers?

Zuid-Korea crypto real estate revolutie – Bullish voor de september crypto koers?

Zuid-Korea verplicht voortaan volledige opgave van crypto verkoop bij vastgoeddeals. Dat is groot crypto nieuws. Het raakt Bitcoin, Ethereum, altcoins...

Lars Diederiksen 4 hours ago
Ethereum Price Gains Fade

Ethereum Price To Clear $5,000 If This Level Is Broken

The Ethereum price is once again drawing attention as a strong bullish setup begins to take shape on the charts....

Sandra White 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Altcoins

Altcoins Feel The Pinch As Crypto Market Sentiment Sours

Christian Encila 44 minutes ago
Solana SOL SOLUSD

Solana Rally in Sight? Traders Eye Breakout That Could Push SOL Toward $250

James Halver 1 hour ago

Bitcoin News: Settimana decisiva per i mercati cripto, vari eventi macro attesi

clararosati 3 hours ago

Premium Sponsors

Press Releases

  • SNEYD

    SNEYD Mining will be the world’s first choice for...

    45 minutes ago
  • Best Bitcoin

    Best Bitcoin Mixer Coinomize.is: Complete Privacy Solution...

    58 minutes ago
  • miner

    Institutional capital pours into DOT Miners, pushing XRP...

    2 hours ago
  • 仮想通貨おすすめ:ビットコイン11万7,000ドル予測と3億ドル空売りリスク

    ...

    5 hours ago
  • ドージコイン 今後の課題:0.25ドル突破に苦戦、新しい仮想通貨に資金が流入する9月

    ドージコイン...

    5 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.