Bitcoin’s downward trend does not seem to stop as the price of cryptocurrencies broke below $8,000 mark. Earlier last week price of bitcoin crashed by more than 13% as it fell from around $9,500 to $8,000. It was the largest intraday hit since January of this year. At the time of writing, BTC is trading at just above $7,800. Some analysts have predicted that the current fall is likely to stop at $7,000
After the initial crash, bitcoin showed a minor recovery as it went from $8,000 to $8,500. But it failed to maintained and crashed below $8,000 soon. In the last 24 hours, bitcoin has gone down by 4%. Currently, bitcoin represents more than 70% of the total cryptocurrency market. Along with bitcoin, other major altcoins also significantly lost their values. However, coins like XRP and Ethereum have made a noticeable recovery since the crash.
Earlier analysts had warned that BTC is following a descending triangle pattern and a likely crash was on the way. Now the short term run for bitcoin looks bearish as some analysts have predicted BTC to go as low as $4,000.
#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!
— Peter Schiff (@PeterSchiff) September 24, 2019
Last week the launch of Bakkt’s BTC futures trading was also in the news. Many had predicted that the launch of BTC’s daily and monthly contracts would boost the price, but to the contrary, the very next day of launch the crypto market lost $30 billion.