Bitcoin prices continue plummeting by the hour since the start of the weekend. As Bitcoin approaches $9K, which has been achieved in a couple of exchanges, holders agonize with the question, time to sell, hold or reaccumulate? With the reason for the recent drops still unclear, it is almost impossible to tell.
But a few key indicators continue to show that the asset might just come back from this and stronger than before. One as such is that the dominance remains in the highs of 65%. This means that investors are still confident with Bitcoin over altcoins and a bullish move will come with strong support.
However, before the bulls can celebrate again, analysts are predicting that there are a few more drops ahead in the short term. For starters, the likes of Josh Rager and Alex Kruger believe the $9K position to be inevitable.
With the recent retracement putting Bitcoin on a 28% correction, the analysts expect a full 30% retracement from its all-time high to be achieved. Historically, this would be followed by a surge of around 153 %, breaking recent highs by a mile.
Four Digit Bitcoin Is A Gift
Josh Roger, a technical analyst has today in a Twitter post stated that Bitcoin exchanging below $10K is a gift. According to the analyst, this an opportunity for bulls to accumulate and re-accumulate before the next rally. He further warns that as soon as Bitcoin drops below $9K, selling pressure could send prices further down to $8K. But regardless, he states:
“Said it once and will say it again
4 digit Bitcoin is a gift
Whether it hits $9ks or even $8ks”
So, going by this effect, this could be the last time we see Bitcoin below $10K. As soon as this is achieved, we can then see prices surge past its current high of $13,700 and towards all-time highs of $20,000.
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