Bitcoin Could Reportedly Reach $7,300 If The Bearish Pressure Persists
The crypto market looks pretty mixed today, with a lot of coins trading in the red and others in the green.
At the moment of writing this article, BTC is trading in the red, and the most important coin in the market is priced at $8,797.05.
It’s been revealed that regardless of the relatively mild price of the coin, traders and analysts have flipped bearish.
BTC might fall to $7,300
Smartereum brings up Bloomberg which said that Bitcoin “might return to the $7,300 mark if the bearish pressure persists for a little more. That was the level BTC was before the recent bull run. According to many analysts, this sentiment is irrational.”
Smartereum mentioned Mayne who is a popular digital assets trader and said that people who are waiting for $6,000 are irrational.
He also added that BTC consolidating and retracing after the fourth-largest move in history (more than 42% gain” is perfectly pay for the course.
He also said that it is possible that the price of BTC can plunge more than $8,800.
Here’s his tweet:
$BTC has it's 4th biggest bull move ever, $7.2k-$10.5k, and now we are retracing after consolidating. My feed, totally bearish again.
We can go lower sure, but I think the same people waiting for $6k are going to be waiting for $7k and will buy back above $10k.
Never change CT!
— Mayne (@Tradermayne) November 8, 2019
Alex Kruger responded and said:
“Exactly. I think the China narrative is over-hyped, as are most bullish narratives, but after the 4th biggest bull move ever, the trade is buying the dip, regardless of whatever perceived fundamentals. If wrong, too bad, sh*t happens.”
Bears are euphoric for a few days
The online publication mentioned above wrote that the Amsterdam Stock Exchange trader Crypto Michael made fun of the euphoria that the bears had over the past days.
He also highlighted the irrationality of the claims that a retest of the lows is on its way. Here’s what he said:
“I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with $300 retrace after one of the most bullish candles in the history of Bitcoin (BTC).”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.