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Unfortunately for the Bitcoin Bulls, the cryptocurrency has not been able to bounce back after recording huge losses yesterday, indicating that buyers are currently on the sidelines and that further losses may be needed before buyers do not intervene and propel BTC upwards.
The latest fall in Bitcoin closely followed the massive drop in the cryptocurrency hash rate, but this indicator has seen a sharp recovery overnight, which could be a bullish sign. Even so, a popular crypto analyst still targets $ 7,200, the level at which BTC can find long-term support that propels it higher.
Bitcoin plunges below 9,000 USD and fails to save recovery
At the time of writing, Bitcoin is trading more than 12 percent at its current price of $ 8,450, a massive drop from its peak of more than $ 9,600 over 24 hours, and a further drop. deeper compared to weekly highs of around $ 10,300.
This latest drop was a surprise to the crypto market players, as it came in the form of a huge cliff that occurred when BTC came close to $ 9,500. Its trough was below this level, which caused a selloff that caused a decline of about $ 8,400. simple minutes.
It is imperative to note that some analysts and investors believe that the drop in the hash rate recorded by BTC before the crash yesterday indicated that this decline was imminent, but it is important to note that its hash rate has shown a massive recovery overnight. which could be emblematic of an imminent price surge – assuming there was a short-term correlation between its hash rate and its price.
Analysts aim for $ 7,200 in the short term
Despite the overnight upside potential of overnight hacking, analysts continue to aim for lower lows in the near term, with The Cryptomist, a popular Twitter analyst, saying it is targeting $ 7,200 afterwards.
"$ BTC: Expect to see 7.2k in October. The question is, when is the next step? At the present time, I look at two price regions, 8.2k and 8670. If we test 8.2k again first, no matter the break or bounce, the top of the next lift could be 8670, once the floor is found, "she said.
Expect to see 7.2k in October
The question is, when is the next step?At the present time, I look at two price regions, 8.2k and 8670
If we test 8.2 km first, no matter the break or bounce, the top of the next lift could be from 8670, once the floor is found from that fall. pic.twitter.com/XT8Cj2YdzR
– The cryptomist (@The Cryptomist) September 25, 2019
The hours and days to come will probably indicate whether the fall is simply a bear trap, or whether it signals that the crypto will be captured in a downtrend for the remainder of 2019.
Selected image of Shutterstock.
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