• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

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

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 2min read
Bitcoin Dropping Under High $8,000s Now “Highly Unlikely”: Here’s Why
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”.

$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
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 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 Analyst Explains Why Traders Should Buy Altcoins All March

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

2 days ago
Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

2 days ago
Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

3 days ago
Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

3 days ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

3 days ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

60-Minute IFO, 187 Times Over-Raised, 40 Times the Price, 98 Million US Dollar Marketcap: Berry Data Has Become a Bright Star on BSC

February 26, 2021

Newsletter Signup


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

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 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.