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After a long period of consolidation around the $10,000 level, Bitcoin’s bulls ran out of fuel and surrendered to bears, which has subsequently led BTC’s price to plummet lower as it begins cutting deeply into the gains it incurred throughout the first half of 2019.
Now, analysts are noting that there is a decent chance that Bitcoin targets the price level at which it started its rally earlier this year, which could mean that BTC will soon erase all of the gains it incurred during its 2019 rally.
Bitcoin Dips Below $8,000 as Sellers Take Full Control
At the time of writing, Bitcoin is trading down nearly 3% at its current price of $8,100, which marks a slight climb from its recent lows of below $7,900, which is where the cryptocurrency found notable levels of support that slowed its downwards descent.
Because Bitcoin does appear to have a decent amount of support around $8,000, it is highly probable that the crypto will consolidate around this level for the next few days and weeks, although any sudden influx of buying or selling pressure could change this.
This latest bout of downwards pressure has led analysts to set relatively low targets for the cryptocurrency in the near-term, with Harry, a popular crypto analyst on Twitter, explaining that he believes it will target the upper-$4,000 region in the near-term, but also adding that it may first move back into the $9,000 region.
“$BTC – Long term BTC chart, assuming we are not reversing from a relief rally, smart bulls are looking for signs of continuation as low as $4.8k, expect pull backs to levels will be sold off hard, be particularly cautious with prices attacking $9.5k on first attempt,” he noted.
$BTC – Long term BTC chart, assuming we are not reversing from a relief rally, smart bulls are looking for signs of continuation as low as $4.8k, expect pull backs to levels will be sold off hard, be particularly cautious with prices attacking $9.5k on first attempt x pic.twitter.com/efJpiCCKpL
— Harry 🪝🏴☠️ (@HaraldoXRP) September 27, 2019
Analyst: BTC to First Target $7,300 Before Moving Down Towards $4,000
In response to Naeem Aslam, another popular analyst on Twitter, claiming that the recent sell-off may be followed by a mean revision rally, Harry further added that he believes Bitcoin will first target $7,300 before moving to his mid-term target of $4,800.
“$BTC – I had been talking previously about a stagnant market with significant action outside $11.5-$9.5k range. All the same levels here, $9.5k had multiple tests, market looked illiquid to $8k, daily close on 23/09 kicks this off. Market now targets $7.3k with $4.8k potential,” he explained while pointing to the below chart.
$BTC – I had been talking previously about a stagnant market with significant action outside $11.5-$9.5k range. All the same levels here, $9.5k had multiple tests, market looked illiquid to $8k, daily close on 23/09 kicks this off. Market now targets $7.3k with $4.8k potential x pic.twitter.com/GkYfBnbHCD
— Harry 🪝🏴☠️ (@HaraldoXRP) September 27, 2019
The coming few days will likely illuminate whether or not the cryptocurrency is truly positioned for further losses, or if its support within the upper-$7,000 region will be enough to propel it higher.
Featured image from Shutterstock.
