• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Dropping Under High $8,000s Now “Highly Unlikely”: Here’s Why

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Despite the fact that Bakkt finalized a launch date for its much-ballyhooed Bitcoin futures, the cryptocurrency market has failed to rally.

Per the time of writing this, the leading crypto asset is currently trading for $10,150 a piece, down 2% in the past 24 hours. Altcoins have followed suit, posting near-identical losses as bulls have failed to take control of the cryptocurrency wheel.

Related Reading: Will Growing Interest from China Propel Bitcoin’s Price Higher?

As such, some analysts have kept their bearish tone, calling for a potential further unraveling of the Bitcoin price. But, one prominent analyst is making the case that a dramatic move lower is highly unlikely.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Unlikely to Fall Under $8,000s 

Over the past week, Bitcoin hasn’t had the best of times. According to Coin360, the cryptocurrency has shed a shocking 12%, which is a loss that comes in the midst of what many analysts are calling the early stages of a bull market.

Peter Schiff, a prominent gold bug and anti-crypto commentator, has since come out to lambast BTC, touching on how this collapse may imply that the bull run is already over and that a move back to bear market levels is imminent.

But according to a recent tweet from Josh Rager, a prominent industry analyst, this is highly unlikely. Rager suggested that Bitcoin’s recent tumult is a clear sign of “one large re-accumulation happening after large players took profits near $14,000”.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

$BTC

IMO, this seems just like one large re-accumulation happening after large players took profits near $14k

Price could drop down again but it's highly unlikely it falls below the 20 MA (blue line) at high $8ks now

ATM, I'll take my chances at scaling in slowly week by week pic.twitter.com/XJ4eiysgFn

— Josh Rager ? (@Josh_Rager) August 17, 2019

He adds that while the price of Bitcoin has the potential to drop in the coming weeks, it is “highly unlikely” that it falls below the high-$8,000s,” citing the fact that there exists the 20-week moving average.

And, as seen in the chart above, BTC decidedly bounced off the 20-week moving average in the previous bull run.

Related Reading: This Haven Asset is Beating Bitcoin amid Recession Fears

Bakkt Could Spark Medium-Term Trend Reversal

Not only are the technicals supporting a bounce but the fundamentals too. As reported by NewsBTC, Bakkt, the New York Stock Exchange-backed crypto venture, has received the “greenlight from the CFTC through the self-certification process and user acceptance testing has begun.”

Bakkt CEO Kelly Loeffler also revealed in a blog post that her company has bagged approval from the New York State Department of Financial Services to launch Bakkt Trust Company, which will store the Bitcoin and presumably other digital assets involved in any of the firm’s financial vehicles.

According to analysts, this new product will be bullish for the price of BTC. 

Explaining why Bakkt’s impending will be “arguably the most bullish event for institutional investors in the history of Bitcoin”, Melker explained that these futures will require the holder to “produce actual Bitcoin or take delivery from the exchange.” These new contracts “will require the actual purchase of BTC”, which is dramatically different than the model that the CME enlists, which settles all dues in cash.

This means that when investors want to participate in Bakkt’s market, they will be creating buying pressure in the underlying Bitcoin spot market.

Featured Image from Shutterstock
Tags: bitcoin
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

bitcoin

Why Rich Dad, Poor Dad Author Will Wait For Bitcoin To Drop To $1,100 Before Buying More

13 hours ago
Bitcoin And USDC

USDC Exchange Reserves Rise As Investors Escape From Bitcoin

16 hours ago
Bitcoin network

Bitcoin Enters Hibernation Mode As Network Activity Lulls

18 hours ago
Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

22 hours ago
Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community

Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community

22 hours ago
Bitcoin

Bitcoin Slides Under $20K – Another Collapse In The Offing?

22 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

Crypto News Flash: Best Meme Coins to Explore in Bear Market 2022 – Floki Inu (FLOKI), Akita Inu (AKITA) and RoboApe (RBA)

June 30, 2022

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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 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.