Friday, September 6, 2019, saw Bitcoin, the top cryptocurrency by market cap trudging on in a bid to break the $11,000 price level, again. However, the cryptocurrency dumped by over $500 within a few hours. As such, the joy of the moment was short-lived, which has left a bearish sentiment in the crypto community.
Bitcoin Down by 3.43% After Attempting to Test $11,000
As at press time, Bitcoin is priced at $10,427, and down by 3.4% within the past 24 hours. CoinGecko’s 1-day chart for Bitcoin shows that the virtual currency was trading at $10,574 on Friday before it surged to the day high of $10,898.
While the spike may have caused a wave of excitement in the community that Bitcoin could revisit $11,000 soon, there was a huge correction in the market. The latter is a result of a dump in Bitcoin’s price within a few hours. On Friday, Bitcoin which was trading around $10,850 at 18:34 UTC +01:00 dumped to $10,296 at 21:39 UTC +01:00.
Dump in Bitcoin Market Leaves Other Top Crypto Assets in Red
And as would be expected, the $554 loss in Bitcoin’s price was enough to leave most of the top cryptocurrencies by market cap, in red. Ethereum, for instance, whose high on Friday was $177.72, is down by 1.39% judging from its $173.73 price, as at press time. Ripple (XRP), Bitcoin Cash, and Litecoin are also down by 0.16%, 1.94%, and 2.94%, respectively.
On the other hand, the $11,000 price level held a lot of significance to several members of the crypto space. Some analysts had opined that if Bitcoin could surge to $11,500, then it would kickstart another bull run. However, if it fails to do so, then the crypto-asset could tank below $8,000.
Analyst: Bitcoin Will Present a Generational Buying Opportunity
Other members of the space have outrightly stated that Bitcoin is not ready for a bull run now. For instance, Brian Kelly, CEO of crypto investment firm BKCM on August 22, 2019, said the fundamentals did not support Bitcoin’s spike to its year-to-date high of $13,796. In the short term, Bitcoin could dump significantly to present a generational buying opportunity, he added.
In the same vein, Jonny Moe, a crypto analyst on September 3, 2019, remarked that Bitcoin has been consolidating sideways for the past two months. As such, he believes the crypto asset will dump to $6,000 soon.
Jonny Moe, however, noted that if Bitcoin revisits $11,500 and there is an upward break of the descending triangle consolidation, then the asset could perform contrary to his prediction.