Bitcoin price could plummet back to $8,000 according to analysts

Bitcoin (BTC) seems to be on a continuous and monotonous price consolidation as many crypto analysts seek its next direction. Many crypto experts are siding with bears due to the fact that downwards momentum seems most likely. One particular view from a long term trend indicator could result in bitcoin’s price dropping to as low as $8,000 soon.

Bitcoin price set to plummet

Bitcoin’s daily price movement continues to be lacklustre as it has been for the past couple of weeks. BTC’s trading has continued within a continuously tight channel with a break out appearing to be imminent. As per data from CoinMarketCap, bitcoin’s price did briefly break through the $10,200 support yesterday but has since fallen.

At the time of writing, bitcoin is up by a modest 0.89% and trading at $10,175.36 as per figures from CoinMarketCap.

According to analysts, bitcoin has entered into another phase of consolidation around the $10,000 area where it has been trading following a weak Asian session and an uneventful week. Notably, BTC’s daily volume has begun falling again and is currently back at $14 billion.

Famed crypto analyst, Josh Rager recently cited some longer-term exponential moving averages as guidance. BTC’s weekly chart the 20 and 21 EMAs have formed robust support during the OG crypto’s previous rally and could more than likely relive similar behaviour during the current one.

He stated:

“The weekly 20MA and 21EMA on the Bitcoin weekly chart are now well-known indicators that acted as support in the last uptrend. But BTC price did happen to break below the MAs twice roughly -14% & -6%. Currently, the 20MA is near $9,585 and 21EMA is near $9,230”

Rager added that a similar break below these indicators at the current time could result in a drop back to the $8,000 level where there are more than likely many buy orders waiting to happen.

Altcoin markets continue to endure losses

The altcoins markets are not faring much better. Ethereum (ETH) is down once again, albeit by not much, but the number two crypto is down by 0.27% and trading at $178.92.
Ripple’s, XRP coin is also down by a modest 0.74% and trading at $0.254261. Bitcoin Cash (BCH) is down by 1.34% and selling for $297.31 while Litecoin (LTC) has shed 2.46% and trading at $69.19.

EOS is also down again by nearly 2% and trading at $3.68. The biggest losers in the top ten cryptocurrencies are Binance Coin (BNB) which has shed 3.81% and is being sold for $20.74 and Bitcoin SV (BSV) which is down by a notable -4.46% and selling for $117.77.

The only altcoins seeing minor gains are Tether (USDT) which is up by 0.23% and Monero (XMR) which is back up by 1.26% and trading at $72.52.

Be sure to check in again at 14:00 for your daily top ten cryptocurrencies news updates and prices.

Crypto Destroyer

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