Bitcoin Drops Under $ 8K Having Had Annual High But For How Long?
The Bitcoin Prize finally made it $ 9,000. But the celebration was almost over before anyone could celebrate. Investors are now curious how long they have to wait before another $ 9k retest.
Bitcoin Drops 12% After Bursting Through $ 9k
Having made a strong move over $ 9000 and topped at $ 9,090, Bitcoin Price [19659004] 0 0 was strongly rejected and tumbled so far as $ 7,980 before the beginning which seems to be a slow recovery.
Bitcoin's triumph of achieving a new 201[ads1]9 high was short-lived, and one expects the crash to reverberated across the market and led to other top coins such as Ethereum, Litecoin and Ripple falling sharply.
In total, the crypto market went down $ 25 billion in a matter of hours, and at the time of writing, the total market value is $ 264 billion. While the correction came as a shock, many investors and analysts expected what Bitcoin's recent parabolic race meant that a pullback had to occur at some point.
Veteran dealer Peter Brandt seemed to be right on the money, as he last week tweeted a chart that predicted that Bitcoin would recover $ 7,900, and today he was leaking on whether the surprise fix shook FOMO investors out of the trees.
In view of the innovative market-based bullishness, it is also not surprising that a handful of these same analysts are generally untouched by today's pullback and request that Bitcoin blast through the $ 10k brand over the next week.
Rhythmtrader was among those who felt less than bothered by Bitcoin's current state, and he pointed out that Bitcoin's path to 10K is different in 2019, as its basics are significantly improved and more institutional players are deeply involved in the crypto course now. [$19659012] $ 10K next week?
So far, BTC / USD has achieved more than 140%, and on Thursday, Galaxy Digital CEO Mike Novogratz told Bloomberg that Bitcoin will probably consolidate between $ 7,000 and $ 10,000 and he explained that "trees do not grows to heaven. " Novogratz also admitted that an increase in euphoria could quickly take Bitcoin higher, and in early May he expects to reach $ 20,000 within 18 months.
Currently, BTC / USD has complained about some territory and is trying to overcome the resistance of $ 8,500. RSI shows that top crypto riot is in oversold territory, and a move over $ 8,500 is likely to increase buy volume and help Bitcoin increase to $ 8600.
As Bitcoinist reported that bursting through the psychological $ 10,000 mark would spark "Real FOMO," according to Fundrats research analyst Tom Lee.
Do you think Bitcoin will resume $ 9k before the weekend? Share your thoughts in the comments below!
Pictures via Twitter Shutterstock, Tradingview.com
