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Yesterday, Bitcoin saw a drastic drop after going above $9000 in a very short time. The drastic drop which finally stopped at $8200 baffled the cryptocurrency community. Observers agreed that Bitcoin’s fall was a result of panic sell off amounting to $20 billion.
What Today’s Gazette gathered yesterday was that Bitcoin touched 9010 USDT on Binance before an immediate dump back to 8600 USDT level.
Bull Run Not Over, But Bitcoin Can Touch $7K
A YouTuber by the name Carl who anchors The Moon, a video podcast centred on cryptocurrency, analysed the 12% downward movement, saying it could be a rising wedge.
Read: Only Linear Thinkers will not See Bitcoin in $1,000,000 – Analyst Reopens John McAfee’s Prediction
He added, the fact that Bitcoin got this big whiff to the upside before dumping down again might possibly be a sign that its is topping out.
Carl said if the major support zone $8100 holds then it is easy to surmise that the bull trend is not dead yet. He said the bulls are presently being threatened directly by around the $8100 support level.
If Bitcoin breaks the support level, then there’s no doubt that it will come down to its $7000 or $7050 target.
Alanmasters Saw Bitcoin at $8,210 Before Going to $9,999
On May 28, Alan Master, a top Trading View cryptocurrency analyst, foresaw that Bitcoin could touch $7200 before it finally returns to $9999. While Alanmasters did not delve so much into this, he pointed that Bitcoin is starting to retrace back to $7200.
Read: Veteran Analyst Sees Bitcoin Reaching Notable ATH, Says 2018 Bear Will Be Forgotten
His signs of retrace at that time are:
- Moving below EMA10.
- Bearish divergence on the MACD and RSI.
- MACD Bearish
At that time, he said if Bitcoin moved up and closed above the last peak $8947, his above signals are invalidated.
Bitcoin in the Market
Bitcoin is trading around $8312 after losing around 12% in a short time. The digital asset has a market cap of $147 billion, 24h volume of $28 billion with 4% loss in the last 24h.