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The chief information officer at US-based Redacted Capital, Nick Cote, took to Twitter to point out that Bitcoin might become bearish again if it fails to hold above the $7,500 price mark.
According to the prominent crypto analyst, Nick Cote, it might become a difficult time for the world's number one cryptocurrency, if it fails to hold above the $7,500 price mark.
The analyst added that BTC dropping below $7,500 could very well turn the cryptocurrency market in favor of the bears.
Just a few hours after the chief information officer at US-based Redacted Capital, predicted a dip towards $7,500, the BTC price hit a lower low towards $7,748.72.
'So far so good' tweeted the crypto trader, further pointing out that if BTC manages to hold at 7,500, this would indicate more upward price movements.
'But below, yikes', he continued.
So far so good. Bounced into the throwback, bearish price action confirmed. Now let's see if we can get the lower level tag.
— Nick Cote (@mBTCPizpie) May 16, 2019
Holding at 7,500 would indicate more life, but below, yikes. pic.twitter.com/sR2PTHSeZX
Bitcoin is correcting from a yearly high of $8,388, and is currently trading at around $7,858, showing a -3.5% loss on the day.
BTC/USD chart provided by Tradingview
In the comments Cote adds that he expects the Bitcoin price to continue its drop towards $6,700 if it drops below $7,500.
$6,700
— Nick Cote (@mBTCPizpie) May 16, 2019
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