After a brief consolidation, Bitcoin has again made another down move, bringing the price below the previous support at $ 8,000. This latest price drop has opened the door for even more significant losses if the bulls fail to step out and push BTC higher.
A prominent industry analyst is currently noting that the failure of BTC to sustain above the last support level at $ 7,700 will likely result in a sharp and rapid drop to the $ 6,000 zone.
Likely a deeper drop
At the time of writing, Bitcoin ‘s price is falling by as much as 5%, bringing the price to $ 7,625 on Coinmarketcap, marking a sharp fall from the daily high of $ 8,300 set yesterday in a small rally following. when the cows try to build momentum.
In the short term, it is imperative that BTC close above $ 7,700 if no other significant losses occur.
DonAlt – a popular cryptocurrency analyst on Twitter – spoke of the matter in a recent tweet, noting that a failure to close above this could trigger a massive sell-off to the $ 6,900 area. .
Other analysts also agree with the above point
DonAlt is not alone in his point of view. Josh Rager – a prominent analyst on Twitter – also recently tweeted that he believes a sharp decline to the $ 6,000 zone could be imminent if the bulls fail to push the price of BTC higher in the near future.
The next few days will likely give analysts and investors more insight into where the market is headed, as BTC’s daily close for today could set the path. for its own trend in the coming weeks and months.