Bitcoin's wild 2020 rally may have expanded tremendously at the moment, suggesting that the cryptocurrency could see a remarkable retreat, which soon erased some of BTC's gains over the past few weeks.
Analysts believe that the next downfall could return the Bitcoin reel to the area under $ 8,000 before finding significant support.
It is important to note that, despite the short-term decline BTC can see soon, a visit to an area of $ 8,000 might be what it takes to activate a significant upward movement and could allow a visit to this level to finally start. all-time highs.
Analysts like Bit Short-Term Bear, Bitcoin stabilized around $ 10,200
At the time of writing, Bitcoin is trading slightly below 2% Current price $ 10,200, which is the highest 24-hour $ 10,500 at the peak of yesterday's rise. It points to a significant decline.
Following this mild upward acceleration, the cryptocurrency dropped the coin to $ 10,100, which found a notable purchase pressure that helped it rise to current price levels.
In the near term, analysts believe that a break below support in the region below $ 10,000 will be soon, which may cause the crypto to drop to the $ 9,000 region in the next few hours.
George, a popular crypto trader, spoke about this possibility, specifying Believing that crypto will drop below $ 10,200 stably, Bitcoin's collapse will accelerate.
“It's still short. Once we go back to the (Monday) range, we expect expedited disadvantages. Take the liquidity to the years of the 9500s and I took too long. ”
BTC's Next Downfall May Reach Very High, But Moving To The Highest Level Of All Time Is Still Near
CryptoBirb, another respected cryptocurrency analyst and trader, said he believed that a break below $ 9,600 would confirm that a medium-term correction would be soon.
If this break occurs, the chart below suggests that BTC could fall to $ 8,200 before finding enough buying pressure to break the next significant upward trend.
“Ultimately, there is so much time left for btc fix imo. If you find the 8250-8600 long chance. And then we apologize for the purchase, but we will have to rally to ATH without you. ”
– Crypto₿irb (@crypto_birb) Instagram photos and videos February 13, 2020
The next few days, cryptocurrency should provide some information about its medium-term market structure, its response to $ 9,600 in the near term offers important information regarding the next step of Bitcoin.
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