More Misery for Bitcoin? $8500 – Maybe Even $7200?
Is Bitcoin in trouble again?
The cryptocurrency has seen its value drop below the $10,000 mark in the few days.
Further still, the loss experienced is now approaching $1,000. The sudden decline in value experienced on Aug 29 is worrying to some investors. However, there is still some glimmer of hope for a bounce despite the falling prices.
— TheWolfOfAllStreets (@GerardWalker5) August 21, 2019
The crypto community is now examining the possibility of a further fall, towards $8,500 or even lower and the possible low point before Bitcoin bounces back.
Preparing for every outcome
Previous losses and gains in Bitcoin value caught many off-guard. However, the community is now informed more than ever.
Everyone is preparing for whatever move Bitcoin makes in the coming days, weeks, months, and even years. Many are in Bitcoin for the long haul; thus, they view the current losses with some optimism.
Mixed Bullish And Bearish Signals
7.5k on BTC – the level makes sense. I really like it for a bounce
The fact that everyone is tweeting about it means 1 of 2 things however imo:
1 – we undershoot to the support at 8500
2 – we overshoot to the support at 7200
Everyone will get caught off guard I think
— Mr. TA (@Trader_M4tt) August 29, 2019
Part of the market, from the tweet above, is expecting Bitcoin to experience more losses in the short term.
Around the $7,500 mark, a bounce is also expected, probably pushing Bitcoin back past the $10,000 mark.
The tweet implies that some may be unprepared for whatever’s coming, which may be inaccurate considering the amount of information available for the community, including the tweet above.
— CryptoPaxon (@CryptoPaxon) August 29, 2019
Some also believe that Bitcoin is already at its bounce point and expect it to rise in the coming days. The market remains divided as always with some bullish and some bearish.
What seems to be the common theme in the market is the expected future rise of Bitcoin to a new all-time high.
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Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com