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: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • 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: Coinbase Confirms DOJ Investigation Following Major Security Incident

Analyst Who Predicted Drop to $10,500: Bitcoin Could Plunge Another $1,500

Nick Chong
Nick Chong
1 year ago
2 mins read
bitcoin price

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.

On July 31st, the day Bitcoin pressed past $11,500 for the first time in a year, one cryptocurrency trader predicted a steep retracement. The trader commented in a tweet that while he wasn’t in a trade at the time, he would not mind “getting in a long position from around $10,300 to $10,500.”

Few expected Bitcoin to drop so far at the time. But on the evening of Saturday, the cryptocurrency plunged to the pivotal $10,500 level in a flash crash, which resulted in hundreds of millions of dollars worth of liquidations.

That same trader now fears that Bitcoin could continue to trend lower in spite of the strength in the gold market. He does, though, say that Bitcoin retaking the range highs should lead to more gains in the near future.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, DeFi Still in Vogue

Bitcoin May Drop Towards CME Gap in the $9,600s

Bitcoin may face a steep correction to the $9,000s or maybe even lower now that it printed a clean rejection candle at the $12,000 range highs.

According to the aforementioned trader, BTC’s inability to surmount the aforementioned high corroborates his expectation of a “deep” price pullback. He specifically mentioned the middle of the macro range, which currently sits in the high-$8,000s, as a place which Bitcoin may reach in the months ahead:

“Range highs tagged and closed back inside. CME Gap at 96s – $1500 below. Plenty of stops resting at the mid range – wont be surprised if price pulls back deep. Bullish scenario is a reclaim of the range high. Im watching 2 levels – July and August monthly levels.”

Image

Chart of BTC's macro price action with analysis by "traderXO" (@Traderx0x0 on Twitter). Chart from TradingView.com

This bearish sentiment is contrary to that pushed by a majority of cryptocurrency traders on Twitter and other social media boards. Though, as is often the case in the cryptocurrency market, it is actually the contrarian scenario that plays out.

Related Reading: Dips to $350 Are for Buying: Analyst After Ethereum Drops 26% in 5 Minutes

Gold Pushing Higher Could Prevent BTC Breakdown

Although it is clear as day that Bitcoin’s failure to recapture $12,000 is bearish, the gold market is currently seeing a breakout that could buoy BTC.

As of the time of this article’s writing, the price of an ounce of gold has continued above its $1,920 all-time high to $1,980. The precious metal has surmounted the crucial $2,000 resistance across some derivatives contracts.

Market commentators such as Mike McGlone of Bloomberg Intelligence say that gold and Bitcoin have formed a correlation. This means that any rally in the precious metal should push BTC higher.

Related Reading: Coinbase Takes DeFi Focus as it Looks to List 19 New Crypto Assets
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analyst Who Predicted Retracement to $10,500: Bitcoin Could Plunge Another $1,500
Tweet123Share196ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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

BTC Bull重金押注突破800萬 距離FOMO引爆日只剩72小時

在美國獨立日煙火綻放之際,BTC Bull Token (BTCBULL)已率先點燃行情,預售融資突破800萬美元大關,距離週一正式上所僅剩72小時倒計時! 現在已經沒有時間猶豫或觀望了。當 BTCB...

estherw 4 hours ago
Snaky Way ($AKE) Explodes Into Presale with AI Buybacks, Influencer Partnerships & Blockchain Games

Snaky Way ($AKE) Explodes Into Presale with AI Buybacks, Influencer Partnerships & Blockchain Games

The cryptocurrency landscape is always evolving, with new projects popping up to capture the attention of investors, whether they are...

Aaron Walker 5 hours ago
Solana

Solana Whale Moves $152 Million In One Splash—What’s Going On?

According to on‑chain tracker Whale Alert, an unknown wallet just received 1,000,000 SOL in a single move worth over $152...

Christian Encila 7 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

Bitcoin

Bitcoin Price To See 52% Increase To $166,000, Analyst Reveals Tight Timeline

Scott Matherson Just now
Ethereum Forms Rising Wedge Pattern – $2,200 Support Back In Focus?

Ethereum Forms Rising Wedge Pattern – $2,200 Support Back In Focus?

Sebastian Villafuerte 2 hours ago

With no more minting, $FUN can skyrocket 500% on fixed supply announcement

News BTC 2 hours ago

Premium Sponsors

Press Releases

  • 仮想通プレセール注目:リップルが米銀行ライセンスを申請、機関投資家の関心が急上昇中

    ...

    6 hours ago
  • 仮想通貨おすすめ:話題の新トークンがプレセール開始直後に15万ドルを調達

    ...

    6 hours ago
  • 新しい仮想通貨:ソラナ系取引ボットが話題のプレセールで150万ドル調達、次の100倍候補か?

    ...

    7 hours ago
  • 仮想通貨おすすめ|米下院が大型法案可決、7月4日にビットコインが急騰

    ...

    7 hours ago
  • ミームコイン急騰中|Solana発の人気銘柄続々高騰、新たな注目トークンも登場か?

    ...

    7 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

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.