According to trend analysts, bitcoin is likely to bounce back to around $9,000 before diving down to mid $6,000 range. Earlier this week bitcoin crashed down 13% in the space of 24 hours. After the crash, analysts have been bearish on the bitcoin. This month bitcoin mostly hovered around $10,000 before it saw the largest intraday hit since January.
This week bitcoin broke the descending triangle pattern that it had been following for weeks. At the time of writing, BTC is trading at $8,150. It took a while for the bitcoin to break the descending triangle pattern. It seems like the crypto community would have to wait longer to see bitcoin to break its all-time high and cross over $20,000 mark. Recent bitcoin crash has left the crypto community speculating the near future of the leading cryptocurrency.
Along with bitcoin, other major altcoins also suffered a considerable lost earlier this week. Ethereum and XRP lost 20 to 40% in their value. However, analysts have predicted a recovery for altcoins. Bakkt’s launch, which was supposed to boost the bitcoin market, did not work as well. During the first week, it only saw a trading volume of just $1.5 million.
The Relative Strength Index is also at the lowest since November 2018. There’s also the possibility that bitcoin might drop right away from the current level without bouncing back to $9000. Several trend analysts have predicted that it is very unlikely for bitcoin to maintain an upward trend from here. It would be interesting to observe how bitcoin behaves as we enter a new month.
