Bitcoin and the wider crypto market are taking an absolute beating on Thursday. | Source: Shutterstock
- The bitcoin price has dropped by more than $1,000 in the past three days (source: coinmarketcap.com)
In the past 12 hours, the bitcoin price has declined from $9,750 to $9,320 across major crypto exchanges including Bitstamp and BitMEX.
Alternative crypto assets in the likes of Ethereum, XRP, and Bitcoin Cash recorded losses in the range of 6 to 12 percent against the U.S. dollar, further pushing the dominance of bitcoin to 69 percent.
Technical Analysts Predict Further Downside in Bitcoin Price
Angelo, a respected bitcoin trader known for accurate macro analysis, has said that an individual trading with a large amount of bitcoin indicated the strong possibility of bitcoin dipping to $8,000 as long contracts on margin trading platforms get liquidated due to increasing sell pressure.
“Got a message from a friend that trades with serious size – he said long capitulation once we break $8k. I tend to believe him,” the trader said.
Other technical analysts have said that the majority of the crypto market seems to be unprepared for a large 30 percent pullback from a key psychological level at $10,000, which could lead to an abrupt change in market sentiment in the short term.
“Generally people look unprepared for a further 30% correction from here. When and if price declines I can just imagine the change in market sentiment… to the point of a bear resurgency and new calls for 3K,”