Bitcoin Price Unlikely to Fall Under $9,200; Here’s Why
Bitcoin has, to put it lightly, seen a helluva past 48 hours. On Wednesday night/Thursday morning, the by nearly $600 out of nowhere, dropping the cryptocurrency to $9,600 from $10,150.
Many traders immediately saw this as a sign that BTC was going to collapse lower, as it would have then resolved to the downside of a long-term descending triangle that has haunted bulls for months.
But, just as fast as Bitcoin plummeted, it rocketed back up. On Thursday, the cryptocurrency surged back through the key $10,000 support managing to regain all the losses that it incurred just hours prior.
This confusing price action has left many traders stumped, wondering exactly what this odd bout of volatility implies for Bitcoin holders. According to a popular analyst, Bitcoin is decidedly in a bull trend, and shouldn’t fall much further should bears manage to take over.
Bitcoin Price Still in Strong Spot
, the worst-case scenario per his analysis of the — defined by putting BTC’s current price over its 200-day moving average — the “worst-case scenario” would see Bitcoin fall to a maximum of $9,200 over the next few days, no lower.