Will Bitcoin (BTC) Price Slip Below $9000? May be Yes

This article was originally posted on Bitcoinist - one of the leading sources for information about Bitcoin, digital currency and blockchain technology. With one of the most reliable news teams in the industry, Bitcoinist provides up-to-date news and insightful analysis. For more follow the link below.

bitcoin btc price slip to $9000

Bakkt will go live with its physical BTC futures offerings on Monday, September 23. But, it seems bitcoin price is not quite in the mood to galvanize in action and has been sulking during the weekend. 


Bakkt Launch & CME Futures Launch ‘Are Different’ 

Noted crypto trader, Crypto Michaël took to Twitter today to ‘clear the air’ about bitcoin futures launches. There is ‘no similarity’ between CME futures launched in December 2017 and Bakkt which is scheduled to roll out on Monday, he said in a tweet.

Both offerings are different and were launched at different points in the market cycle, he opined.

Now moving to the crux of the story.

Bitcoin Price Heading For Sub $10,000 Zone 

Bitcoin is kind of still reeling from the massive drop that took prices to the $9600 level. That being the lowest value per coin in almost three weeks, BTC still has remained range-bound(for three months).

Today in his latest update, analyst and bitcoin bull Josh Rager anticipated the aforementioned move to happen again in the near future.

Decent volumes backed up BTC’s stay above the $10,000 mark but now with dwindling trades, bitcoin price is looking for a free fall to the $9700 mark and may all the way trip down to $9300 as per Crypto Michaël.

Will BTC See $7500/$8000 Again?

According to BTC’s latest price action charts, bitcoin has been firmly supported by the $9400-$9600 band 4 times now. But if this support gives away, we could see prices heading towards the $7500-$8000 region. As appropriately pointed out DonAlt in one of the tweets today:

There is a limit to how many times support can hold and BTC is fast approaching it.

Frankly, at this point, it’s nothing more than a wait and watch thing until the launch of Bakkt futures. There could be a reversal in the current price trend and $10k could be history left behind.

Quite a lot of fundamental and macroeconomic aspects are working in bitcoin’s favor. Bitcoin mining hash rate surpassed the gigantic 100 Q figure. BTC miners are not giving up, showing immense confidence and working against significant network difficulty. The last difficulty hike from September 13 made it 10.38% less likely for miners to discover a block. But in the meantime, mining pools have been compensated with even more power.

Add to this, the New York Federal Reserve flooding the US financial markets with boatloads of cash.

Near term price actions may seem choppy and unimpressive but one should never forget to zoom out and look at the big picture.

Do you think bitcoin price will drop down to the $7500-$8000 zone? Let us know your thoughts below. 


Images via Bitcoinist Image Library, Twitter: @CryptoMichNL, @Josh_Rager, @CryptoDonAlt

The post Will Bitcoin (BTC) Price Slip Below $9000? May be Yes appeared first on Bitcoinist.com.

To read more from Bitcoinist follow this link.

Be the first to comment

Leave a Reply

Your email address will not be published.


*