Bitcoin (BTC) Price Drop Shakes The Crypto Space

As you saw for yourselves, a drop in Bitcoin (BTC)’s price managed to shock the crypto space.

The top three digital assets by market cap Bitcoin, Ethereum, and XRP have lost a total of $16.3 billion in market cap in about an hour and a half.

The result was that every coin in the top ten was pushed in the red, and many of them have faced double-digit losses.

Josh Rager has some dark predictions

Analyst Josh Rager says traders should gear up for more losses. He’s outlining the next level of support at $7,200.

“If buyers weren’t interested in $7,800 Bitcoin, they’re likely not interested in $7,500 prices. It likely goes lower with confluence support at $7,200 and below,” he said.

Rager continued and pointed out that “Even after a natural bounce there, it comes down to where large and aggressive buyers are interested. Take it level by level.”

One other analyst in the crypto industry known as Mr. Anderson tracks Bitcoin’s average price along with its exponential moving average, according to the latest reports coming from the Daily Hodl.

He’s outlining $7,100 as a key number for BTC bulls to protect.

“Spot came within about $70 of its seemingly destined yearly TWAP touch as discussed in early October. The 89 week-ema is currently at about $7,100 depending on the exchange. This is a number that Bulls must hold on a weekly closing basis,” he says.

The crypto market looks bloody today, and most digital assets are trading in the red.

Bitcoin is no exception, and the coin is priced at $7,452.00 at the moment of writing this article.

Other BTC predictions

Not too long ago, it was reported that technical analyst and manager of The Active Investor Service on Seeking Alpha, Brian Fletcher said that BTC is moving through an Elliott Wave pattern.

Fletcher wrote that the coin is set for another rise to $10k and then one more dip to $7k.

After that, he believes that the most important coin in the crypto market will begin a long term bull run, and it will reach new all-time highs.

Looking at the price charts, he might just be right.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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