The volatility of bitcoin has continued to shock investors. The price of bitcoin has continued to follow a downward trend this week. After hovering above $8,000 for a few weeks, it fell below $7,500. Today BTC got to the death cross, which happens when the 50-Day moving average drops below the 200-Day moving average.
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BTC: How low can we go? by CryptoBullet on TradingView.com
A trend analyst noted that bitcoin consolidated at $7,800 – $8,500 forming a bear flag, and then finally, it broke down. The first target is predicted at $7,100. But the price is predicted to go as low as $5,600 in the coming months.
Earlier, the Global Digital CEO predicted that bitcoin is likely to hit $6,500 if it fails to hold up. He added that bitcoin needs new energy to gain any upward momentum. Several trend analysts have also predicted a dull winter for the leading cryptocurrency. Bitcoin needs to get back to $8,200 or above to continue trading in the range of $8,000 and $10,000.
