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: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
  • 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: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Analyst Expects Bitcoin Price to Break Below $8,500; Here’s Why

Yashu Gola
Yashu Gola
1 year ago
2 mins read
bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency, spx, s&p 500, us index, coronavirus, covid19

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 is maintaining its interim support level near $9,100, but an analyst expects the price to break bearish towards $8,500.
  • The trader forecasted the downside move days after Bitcoin established a second-quarter top near $10,500 on June 1.
  • The cryptocurrency has since accurately moved as predicted, further raising the possibility of a breakdown ahead.

Bitcoin may undergo an aggressive sell-off in the coming weeks.

The downside risks surface as the benchmark cryptocurrency cautiously trades above $9,100, accompanied by lackluster volume and record-low volatility. Traders are showing a clear bias-conflict, unable to open traders in either direction as the price action becomes almost motionless.

An $8,500 Bitcoin

The ongoing sideways trend prompted one analyst to predict further downside moves in the Bitcoin market. It is the same trader who, on June 3, accurately forecasted a bounce towards $10,000. His later predictions about an extreme pullback also came true.

The analyst now sees Bitcoin extending its bearish correction towards $8,500 or lower. In a chart published ahead of the New York trading session Wednesday, he highlighted the cryptocurrency leaving behind a trail of lower lows and lower highs, indicating a downtrend.

bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency, spx, s&p 500, us index, coronavirus, covid19

Bitcoin chart showing its extended negative trend following a rebound from $10,500 on June 1. Source: CryptoCapo, TradingView.com

He also spotted levels that served as the last point of supply (LPSY) in the market. As shown in the chart above, each of Bitcoin’s local pullback levels flashed traders’ inability to inject money into the market. That reflected their underlying conflict towards a bull market.

“Consolidation below $9,300 and it should go to the range low ($8200-8500),” the analyst said in early June. “That would be the decision point, in order to know if it’s SOW or Spring.”

He added that breaking below $8,200 could also expose Bitcoin towards lower levels, starting with $7,000 and bottoming near as low as $1,000.

More Bearish Signals

Bitcoin’s flat price action also prompted other market observers to see its price declining in the coming sessions.

Josh Olszewicz, an analyst associated with Brave New Coin, said in a Wednesday tweet that he finds bias in an “awkward spot.” He highlighted bitcoin’s weakening bullish momentum using a popular technical indicator known as the Ichimoku Cloud.

“Cloud still shows weakening bullish momentum. If you are bearish, you want an e2e to 7.1. If you are bullish, you want a TK cross [to] recross above Cloud  with a $13k target.”

bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency, spx, s&p 500, us index, coronavirus, covid19

Bitcoin price chart showing its Ichimoku Cloud indicator pointing to a weakening upside momentum. Source: Josh Olszewicz, TradingView.com

Meanwhile, the analyst who predicted a bitcoin price plunge towards $8,500 also noted that invalidation of his forecast would push the cryptocurrency back above $10,000.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

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

cardano ada adausd

Cardano (ADA) Breaks Resistance: Will Bulls Drive Toward $1 or Risk Losing Support?

Cardano (ADA) is trading at $0.876 with a daily volume of $1.28 billion, but sellers remain in control after a...

James Halver 3 hours ago
Bitcoin

Bitcoin Has Taken Gold’s Role In Today’s World, Eric Trump Says

Eric Trump on Tuesday described Bitcoin as a “modern-day gold,” calling it a liquid store of value that can act...

Christian Encila 4 hours ago
Solana

Solana Builds Case For Next Leg Up As Moving Averages Underscore Bull Run

Solana is strengthening its bullish outlook, with recent price action showing firm momentum above key moving averages. This strength underscores...

Godspower Owie 6 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

Binance

Whispers Of CZ’s Return To Binance Push BNB Price Past $960

Christian Encila 12 minutes ago
ethereum eth

Ethereum Price Prediction: Citi Caps Year-End at $4,300, But ETF outflows Challenge Outlook

James Halver 1 hour ago
Ethereum

Ethereum Bulls Eye New Records Despite Market Volatility — What’s Driving Sentiment?

Godspower Owie 2 hours ago

Premium Sponsors

Press Releases

  • 3 нискокапитализирани алткойна...

    9 hours ago
  • Топ алткойни за купуване, докато цената на Solana се доближава до исторически връх

    Топ алткойни за купуване, докато...

    12 hours ago
  • Najlepšie altcoiny na kúpu, kým cena Solany dosahuje...

    13 hours ago
  • ドージコイン 今後:ETF上場前の蓄積と価格分析が示す「事実売り」の可能性

    ドージコイン...

    13 hours ago
  • リップル 今後の行方:FOMC前に3ドルを維持、クジラが大量売却

    リップル...

    14 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.