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Home Cryptocurrency news

Bitcoin Price Struggles With Support at $10,000, What’s Next for Crypto Markets?

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin price crypto 10000
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Bitcoin price is struggling to get back above $10,000 following recent bearish price action. Last week, Bitcoin dropped nearly $2,000 within 48 hours, and while there was a week of relief in between, the bearish sell pressure appears to have picked up steam once again.

The latest price action saw Bitcoin price rejected at $10,000 – an extremely important psychological level for the first-ever cryptocurrency. With this latest rejection following extreme bear pressure and the fear and greed index at the lowest number it’s ever been, what’s next for Bitcoin in the days ahead?

Five-Digit Bitcoin Price Taking a Short Vacation

We’ve all seen the comments on Twitter, Reddit, or elsewhere. “Bitcoin will never again drop under five digits.” The overly cocky comments appear in bulk whenever Bitcoin price bounces strongly from below $10,000 to back above it – something that Bitcoin has done repeatedly over the past few months.

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Related Reading | Crypto Analyst Expects 20% Ethereum Drop, Altcoin Capitulation in 2 Weeks 

But the same comments were made in February and March 2018 as well, and Bitcoin not only feel below $10,000 and stayed there for the rest of the year, but it took until June 2019 to ever break back above $10,000.

Now, the leading crypto asset by market cap has fallen back below $10,000 after the latest rejection and the price per BTC drops deep below the level, it could be the last time Bitcoin trades above $10,000 for the remainder of the year.

bitcoin price crypto 10000

Why Is $10,000 Important and What’s Next for the Leading Crypto Asset?

There’s no denying that $10,000 is an important number for the first-ever crypto asset. During the last bull run, it acted as a FOMO trigger that took Bitcoin price to its all-time high of $20,000. It’s also exactly 50% the last highest peak, which according to legendary trader W. D. Gann always acts as extremely strong support.

But like the last extremely strong support, it can break, and when it does a dangerous drop occurs, much like what did in November 2018. Some analysts are expecting the same thing to happen, once Bitcoin breaks below the current support and symmetrical triangle formation Bitcoin price is trading within.

Related Reading | CME Futures Gaps Give Likely Correction Targets, Next Bear Market Bottom 

There’s little doubt that Bitcoin’s bear market bottom has been set, so even a breakdown from here is likely to be nothing more than a correction before the true bull run begins. Downside targets for where a reversal may occur, exist around $8,500 where an oft-cited CME Futures gap resides, as well as the symmetrical triangle target at around $7,500, and finally, $6,000 – the support that acted as such throughout most of the 2018 bear market, before finally broke down and another 44% drop occurred.

Given that analysts are expecting a similar breakdown in Bitcoin once $10,000 fully gives away to bearish sell pressure, a 44% decline from here would bring Bitcoin to under $6,000. However, the market is much different now from November 2018; the bear market is over, sell pressure has turned into buy pressure, and Bitcoin has gained a new narrative around being a safe haven asset during times of economic downturn – a downturn that is expected within the next 12 to 18 months.

Tags: bitcoinbitcoin priceCME futurescryptogaps
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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