A growing number of crypto analysts are predicting Bitcoin will continue to slide lower in the coming days – but there’s little agreement on just how low it may go.
Bitcoin is down 6.36% at $10,472 on COIN360 at time of publishing. The rest of the crypto market is down along with BTC, with the market cap of all cryptocurrencies dropping from about $306 billion to $285 billion in less than 24 hours, according to CoinMarketCap.
As Bitcoin continues to sink from a high around $13,000 on Wednesday, analyst Josh Rager says today’s close will be key.
Rager tells his 49,000 Twitter followers that BTC needs to close above $10,577 to prevent a further drop to around $9,500.
$BTC – the 🐻’s woke up from hibernation and are pushing the price down to major support area
Really need to see it close above $10,577 level or my next target will be in the low to mid $9ks at a weekly support level
Bulls have until 11:59PM UTC for daily/weekly close pic.twitter.com/kPON0FsgFW
— Josh Rager 📈 (@Josh_Rager) July 14, 2019
Fellow analyst DonAlt tells his crew of 112,000 that a fractal analysis, which is used to identify recurring price patterns, shows Bitcoin’s current price action looks similar to the peak of the last Bitcoin bull run, with step six on the chart below indicating “doom” could be on the horizon.
“Let me start this off by saying that I don’t really trade fractals, I just observe them, mostly for fun.
Just noting the fact that current price action looks pretty similar to the last top.