After facing a very strong selling pressure in the past couple of days, Bitcoin and a number of aggregated cryptocurrency markets are undergoing a day of green. Despite all this, Bitcoin Core still seems to be operating in a very precarious zone, with a support in the region of $10,000. Market analysists are now pointing out that the extension of the selling pressure that was brought by the markets some days ago could make this leading crypto to plummet down to around $7,000. However, this move could also spark another key uptrend that will enable Bitcoin to finish up the year on a very high note.
Bitcoin Finds New Support
As at now, this leading coin in terms of market cap is trading at close to 4% at its price of $10,030. This is a great improvement from its 24-hour lows of $9,600 that was set about a day ago. The recent dip below the $10,000 mark for this crypto coin was witnessed after it made a rapid improvement towards $11,000 in the week that ended. This was, however, met with very strong selling pressure that led to the latest sell-off, which sent the coin just below the current price levels. This latest move has been discussed by various key stakeholders in the crypto market. One of them is Josh Rager. He explained that bitcoin must ensure that it holds up at $9,900, or there are high possibilities that the bears will overpower the bulls and send the price tumbling downwards soon.
This Is What Might Happen Before The Next Bitcoin Move
One important thing is that it appears as if the bears have some edge of bulls as at now. This implies that BTC might drop further in the coming days before the bulls take over once again and lead the pack. Another crypto analyst that has shared his sentiments in regards to this matter is known as RJ. In a tweet, RJ stated that he believes that the next uptrend could start in September. He also added that before the uptrend in September, he expects that there could be choppy and slow trading months in August and July. While the upside target for this crypto coin is $16,000, RJ notes that it might pass through a low of $7,000 or $8,000 before making an upward gain.
Things Are Not So Bad
As the week is coming to an end, there is hope that the price of this leading crypto coin by market capitalization will improve. The past couple of days have not been easy on the market, but there is hope that things will get better. The BTC price has continued to hover in the price levels of $10,000, which is a good sign. There is one thing that has been giving both the investors and analysts sleepless nights – this is the question of whether Bitcoin will end the year while still in its current bullish state. An answer to this will be discovered soon.