Bitcoin Price Breaks Below $8,000, Is $7,000 or $9,000 Next?

Tony "The Bull" Severino

5 years ago

3 mins read

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.

This morning, Bitcoin price briefly broke back below $8,000 and is currently teetering on the support line – which could possibly be the last stand for bulls in this range before new lows are reached.

But all is not lost for bulls, and if Bitcoin buyers can push the price of the leading crypto asset up past a key resistance level, the bull market could be back on. If not, falling even deeper to find new support will be the end result.

Bitcoin Price: Bear Flag Could Bring Crypto Asset to $7,000 Unless Bulls Reclaim $9,000

Following Bitcoin’s bear market bottom, FOMO helped carry the price of Bitcoin to $14,000 bringing investors at the high an up to 350% gain. But once the leading crypto by market cap got there and couldn’t push through to a new all-time high, the buying momentum fizzled out, and interest has all but faded from the crypto market.

This can be seen by significant declines in trading volume, and through falling asset prices. After making a rally towards $9,000, Bitcoin price was stopped short and rejected hard at roughly $8,800, which sent the price of the first-ever cryptocurrency plummeting back down toward $8,000.

This morning, Bitcoin momentarily broke below $8,000 and is now trading at the critical support level. If breached, bears could push the price of Bitcoin down to support levels below.

Bitcoin appears to be consolidating within a bear flag on its daily price charts, and if confirmed, could spell disaster for bullish crypto investors. Downside targets below current prices range from $6,800 to $7,400 as the next zone where a bounce most likely could occur and a new trading range be established. If not, the February 2018 low of $5,800 could be tested.

In the chart below, the bearish scenario shows Bitcoin falling from the bear flag formation to the aforementioned support levels.

Also depicted, is a bullish scenario, where if bulls can reclaim the powerful support turned resistance level between $9,000 and $9,600, a return to the bull run before the end of the year is possible. Any upward movement would be the result of one of two remaining diagonal trendlines drawn from Bitcoin’s bear market bottom holding as support.

The bearish scenario has Bitcoin breaking below the higher of the two trendlines, and if that occurs, bulls will need to hope that the final diagonal support remains unbroken or the crypto asset could return to its bear market bottom, or potentially even set a new, lower low.

For now, Bitcoin price continues to trade at roughly $8,000, and how it reacts to either $7,000 below or $9,000 above will hold the key to the future of the cryptocurrency.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.