Bitcoin Skyrockets Above $10,500, Is A Drop Below $8k Still Feasible?

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With the recent price losses that have seen Bitcoin fall below $10k, it is only fair that people begin to ask if $8k is another price level for the cryptocurrency to test.

Well, given the animosity from the United States Senate Committee on Banking, Housing, and Urban Affairs and more recently the Secretary of the Treasury, it’s certain that the US Government is going to keep pummeling Bitcoin.

As such, the new bears are going to be in. The Big Question remains: Is the $8,000 Bitcoin price level still possible?

The answer may surprise some: Yes, it is!

This is based on one condition: If fundamentally, there exists negative sentiment all across the Globe on the cryptocurrency.

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From a high of $13,058.63 on July 10th, 2019, we can see that the cryptocurrency is following a peculiar retracement to find itself again.

So, if several Ministers of finance or others within critical financial and political systems begin to bash Bitcoin like the Americans are doing, then a price action point of $8,070 will serve as a support level, following a 48.2% retracement of current prices.

Bitcoin Surges Above $10,600 In Less Than 1 Hour

 

Bitcoin Skyrockets Above $10,500, Is A Drop Below $8k Still Feasible?
Bitcoin Price Chart By Coinbase

However, as at the time of writing this article, Bitcoin seems to be ranging again as it has successfully surged above $10k and that reveals a couple of things.

Firstly, whenever an asset is ranging, it means that the asset is about to break out in a peculiar way and manner. It is the so-called “calm” before the storm.

And many traders and analysts have been waiting for this. The Americans may have woken up the sleeping giant which might just make this happen.

This holds mainly because the recent Bitcoin price rallies have been fundamentally okay rather than just mere speculation unlike the last one.

So yes, we may see $8k Bitcoin but it has to be based on the premise that everyone hates Bitcoin (like the U.S government want us to believe).

The opposite rings true: Everyone loves Bitcoin!


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.