Bearish sentiments are looming in the market with Bitcoin having plunged significantly below $10,200. Bitcoin is currently trading at $10,144. According to a trader who goes by the name of Mayne on Twitter, this fall could continue and take Bitcoin to $9K.
The Past Week for Bitcoin
This is the first time Bitcoin has witnessed such lows since September 2, even though the past week has seen Bitcoin price behave quite erratically. Bitcoin was trading at $9757 on Sept 2, and it rose to $10346 in 24 hours. The bull run continued and Bitcoin closed $10,623 on Sept 3. Bitcoin continued to trade around the $10,600 over the next couple of days.
On Sept 6, the day of the Bakkt warehouse launch, Bitcoin spiked up to $10,898, but, it could not maintain its bullish movement for long and tumbled down to $10,300 in less than 8 hours. It hovered around the $10,500 mark on Sept 7 and Sept 8, and today, it has fallen below $10,200.
A $9K Low is Calling Says Trader
A crypto trader who goes by the name of Mayne on Twitter has predicted that Bitcoin might be heading to $9K.
He had tweeted that if Bitcoin began an upward movement after $10,400 it has a shot at $11K, which might even take it to a high of $11.5K. However, it seems that Bitcoin will be dumped, and if it goes below $10,200 then the “$9k equal lows are calling”.
Shortly after his tweet, Bitcoin plunged below the $10,200. So far, it is down $3.81% of its price on the day before. Altcoins are also bleeding, but not as much as Bitcoin.