What’s Next For Bitcoin? Sub $7,500 Or $9,000+?
The coming months are going to be interesting for Bitcoin, at least according to Crypto Ed NL.
Don't stress about BTC.
Either we do 1 more leg down in coming days, or we're leaving station from current levels.
Target: towards previous ATH.
Coming months should be good. 💥🔥
— Crypto_Ed_NL (@Crypto_Ed_NL) October 6, 2019
The past few weeks haven’t been as promising for Bitcoin. Bitcoin went from over $10,000 to just over $8,000 within a day. That abrupt move sent shock waves through the crypto community. It appears Bitcoin was hinting at an upcoming bear market.
However, based on its current trend, the temporary setback may now be a thing of the past. Bitcoin has maintained its value above $8,000.
We may see one last downward price adjustment if Bitcoin is to march towards its previous all-time high. A final low of just under $8,000 is enough to trigger Bitcoin back to the $10,000 range.
Quick Action Required
If Bitcoin is going to march towards $10,000 plus, it needs to start as early as now.
The current market can only withstand one last negative adjustment to a low of $6,000, according to a chart produced by Cryptoamd.
— cryptoamd (@cryptoamd) October 7, 2019
However, a $6,000 low would be treading on dangerous ground.
The last time Bitcoin touched $6,000; it continued to adjust lower until it hit $3,000. A move upwards before it gets to $7,500 would be ideal. Continued delays would only make it harder for the cryptocurrency to bounce back.
— CrypThur (@CrypThur) October 7, 2019
Moreover, we are currently at support. This would be the best time for Bitcoin to bounce back. For traders, shorting now may lead to future regrets.
Trading requires patience. The coming months may only be rewarding to the patience and tactful in the cryptocurrency market.
Featured Image Source: Pixabay (qimono)
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