Bitcoin Price Expected To Slump Towards $8k Despite Fresh Gains

Market Wide Correction Sees Bitcoin Drop To $11,500 With Total Market Clinging Above $300 Billion

Bitcoin’s price may have regained in the past 48 hours after its dip to $9,855 on August 16, 2019. However, some crypto analysts are still bearish at the moment. They have taken a look at short-term charts and predicted that Bitcoin might not maintain its footing above the $10,000 zone which it is presently. In their opinion, there’s even a better chance for Bitcoin to retrace to the $8,000 level in the short term.

Bitcoin Maintains Foothold at $10,000 Zone

At the time of press, Bitcoin is trading at $10,420 and has regained 2.83% in the past 24 hours. The virtual asset has traded steadily around the $10,000 zone for the past 48 hours after resurfacing from the $9,000 price level. The market, in general, is in green and other crypto assets have also made minor gains.

On the contrary, Financial Survivalism, a crypto analyst stated on August 18, 2019, that Bitcoin might return to the $8,000 price level which was last seen on June 17, 2019. Specifically, Financial Survivalism opined that a target of $8,775 is looking good and Bitcoin might retrace to the price level.

Crypto Analyst’s Chart on Bitcoin’s Potential Dip

While throwing more light on why he thinks Bitcoin’s dip might happen soon, Financial Survivalism presented a chart analysis. According to the markings on Bitcoin’s short-term chart shown by the crypto enthusiast, Bitcoin’s price has pulled up and triggered a death cross. Also, a bear flag with $8,735 is currently being exhibited.

Aside from taking a look at Bitcoin’s price target in the upcoming week(s), Financial Survivalism also predicted that Ethereum might dip to $80. In his own words, the target for ETH/USD based on a bear flag exhibited around $80. Ethereum, on the other hand, is priced at $194, as at press time.

Analyst Bets 10 BTC Against Changpeng Zhao

It is, however, worthy to note that other analysts are of the stance that Bitcoin might recline temporarily. For instance, Kra₿₿y, a Bitcoin whale, recently placed a wager of 10 BTC against Changpeng Zhao (CZ), CEO of Binance cryptocurrency exchange. According to Kra₿₿y, Bitcoin will decline to $8,000 in August, and if it does the contrary, then he has lost the bet to CZ.

Nonetheless, several people are focusing on Bitcoin’s performance in the long run and the asset’s potential. One of such is Cameron Winklevoss who stated on August 18, 2019, that Bitcoin would disrupt gold. 

“Bitcoin is going to disrupt gold, but it will also disrupt any volatile emerging market that doesn’t put the welfare of its citizens first and foremost,” Winklevoss said.

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