Bitcoin (BTC) excited investors by going above $ 10,000 the night before. The leading cryptocurrency dropped below 9,500 dollars yesterday evening. According to CoinMarketCap data, BTC was trading at $ 9 thousand 407 at the time of writing.
Bitcoin hovered between 9 thousand 700-9 thousand 950 throughout the day. But the leading cryptocurrency dropped several hundred dollars in the evening. BTC, which fell to the level of 9 thousand 200 dollars, scared investors. Now the cryptocurrency community is discussing whether BTC will fall below $ 9,000.
Famous analyst Josh Rager thinks that BTC could close to $ 8,500 due to closing below $ 9,500.
Attention to the Critical Zone
As we mentioned before, Crypto Michael stated that the region of 9 thousand 100 – 9 thousand 300 dollars is critical for BTC. The famous analyst said that the cryptocurrency, which took the first place with the decline experienced yesterday, entered this field and said that the withdrawal could come. Crypto Michael said:
“To continue the bullish momentum, it is necessary to hold onto this range, otherwise I expect more withdrawal.”
May decline up to 8 thousand dollars
Quantum Economics Founder Mati Greenspan made a post showing what is dangerous in Bitcoin price. Greenspan thinks that BTC will regress up to $ 8,000 if keeping the yellow trend line on the chart below fails.
#Bitcoin now testing the yellow trendline as support. If she doesn't hold then next support likely comes at the blue line (200 DMA) or approximately $8,000.
If the yellow line holds, we should see it back at $10k, quite possibly by EOD. 😎📈🌈🍀😂🚀🌛 pic.twitter.com/MWBnNjzzIm
— Mati Greenspan (tweets ≠ financial advice) (@MatiGreenspan) June 11, 2020
Is 40 Percent Decline Possible?
Another analyst, Don Alt, says he expects a big drop in crypto money. Don Alt said to investors who stated that the probability of falling below support is low, that BTC was able to make unexpected movements. Don Alt warned that Bitcoin could fall as much as 40 percent, saying that this happened in the past.