Bitcoin Warning: Traders Should Start Worrying If BTC Hits This Level
Bitcoin‘s price is floating around $8,600 after the most important coin in the market fell more than $400 recently in just a matter of minutes.
This plunge took place on Sunday and, as the online publication the Daily Hodl writes, it brought BTC from $9,056 to $8,650 in an instant.
BTC’s recent price drop is a natural correction
Josh Rager, a famous analyst in the crypto space, said that this is nothing more than a natural correction following the massive surge in the price of the coin from the beginning of 2020.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $8,670.95.
Bitcoin began the month at $7,225, and Rager now expects Bitcoin to continue to correct and land at around $8,000 before resuming its uptrend.
$BTC pullbacks should be expected
The important thing to keep an eye on is the market structure and the trend change
Price would likely bounce at low $8ks
Unless price made its way down past $7700, I wouldn't worry
— Josh Rager 📈 (@Josh_Rager) January 19, 2020
If BTC drops to $7,700, traders can start to worry
But if BTC drops down to $7,700, he says traders will have good reason to be concerned.
“BTC pullbacks should be expected. The important thing to keep an eye on is the market structure and the trend change. Price would most likely bounce at low $8,000’s. Unless price made its way down $7,700, I wouldn’t worry.”
It’s also important to mention the fact that Rager said that he believes BTC is at the start of a brand new rally that will take the coin as far as $85k.
He also said that BTC would need to find a way to break $9,400, which is a line that held support from June through September in 2019.
He believes that a long-term bull can only be confirmed if BTC can break past $10,350.
Other than this, despite the considerable market volatility, BTC optimistic predictions keep coming into the crypto space.
Earlier today, we reported that BTC would not be hitting $1 million during this cycle, but the more realistic levels that we should be expecting are also looking good.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.