Crypto News

Bitcoin Price Could Return to $7.7K Low, Veteran Analyst Predicts

Bitcoin Price Could Be heading for $7,700

Bitcoin is starting to look shaky and could potentially return to last week’s lows of $7,700, predicts veteran crypto analyst @CryptoCred.

Bitcoin Holds on Above $8K

BTC bulls are desperately clinging to the $8,400 level right now, but the last few days saw volumes falter once again. The rally back above $8,700 was brief and quickly retreated back into the lower range. The last time BTC moved closer to the psychological $8,000 support, analysts started predicting new possible lows.

BTC managed to bottom out at $7,800 during a dramatic day of losses toward the end of September. BTC has been mostly stable for the past weeks, except for the dramatic crash from the $10,000 tier. Now, the renewed stability is creating new fears of another steep decline.

In his analysis, Cred highlights the $8,270 as a critical level which has previously acted as both support and resistance for bitcoin’s price action. He predicts that if BTC meets fresh resistance at this particular price point, then the asset will most likely cascade back down to the $7,700 support below.

During the most recent price drop, there were expectations of a rather deep price slide back down to the $6,000 level, or even under $4,000. The current price behavior for BTC also recalls that of the fall of 2018, where a long period of stability led to a crash down to $3,200, the low achieved in December.

The price action is seen as a fractal copy of past year’s development, possibly sending BTC to new lows.

The price of BTC is almost always in a state of discovery, especially given wildly diverging predictions and a shifting regulatory climate. Still, the Bitcoin network is giving off bullish signs. Mining is on the last three-month stretch to the halving of the block reward, down to 6.25 coins per block, or only 900 new coins each day.

During that time, the hashrate supplied by miners has grown by leaps. After setting peaks above 102 quintillion hashes per second, the mining activity once again broke through, to above 110 quintillion hashes per second. The exact number may not be accurate, but it reveals network power that is as much as 20 times higher in comparison to mining in 2017.

The silver lining is that a price drop may be a temporary stop on the way to a new rally. BTC is still in the habit of erasing a large piece of its value in quarterly sell-offs. After a disastrous day around September 24, BTC entered a new stage in October. But the question remains whether BTC would repeat the scenario from last fall.

What do you think about the price action of BTC? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @CryptoCred

The post Bitcoin Price Could Return to $7.7K Low, Veteran Analyst Predicts appeared first on

Related Crypto News

Lithuania’s Central Bank Completes Blockchain Regulatory Research
The Bank of Lithuania finished its research phase on the LBChain’s blockchain project that aims to provide a regulatory...
Ethereum Network Use Hits a New All-Time High — Will ETH Price Follow?
Interaction with the Ethereum network recently hit an all-time high but the increase in gas usage may pose problems...
GRX Group’s GRID Platform Hosts its First Tokenized Security
Digital advertising platform tribeOS launched its shares as tokenized securities on GSX Group’s GRID platform. Adtech firm tribeOS launched...
Antigua’s Crypto Regulation Bill Passes Lower Parliament
Antigua and Barbuda take steps towards becoming crypto-friendly destinations in the Caribbean region. Antigua and Barbuda’s House of Representatives...
Ethereum is Ready For Heavy Volatility, And Analysts Predict a Big Rally
It’s been a quiet past few days for Ethereum and the rest of the crypto market. After last week’s...
Bitfinex is Constantly Printing More Tether, None Of It Has Ever Been Burned
A report indicates that no Ethereum-based Tethers have ever been burned, though new ones are constantly being printed. A...

Featured Crypto News

Digital Currencies Could Threaten US Geopolitical Power, Warns JPMorgan
“There is no country with more to lose from the disruptive potential of digital currency than the United States,”...
Ethereum Could Stage Strong Rally As Double Bottom Pattern Emerges
Ethereum nosedived below the $202 support zone against the US Dollar. ETH price revisited the $192 support and it...
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have...
Huobi, OKEx and Upbit Join Top 10 in Messari’s ‘Real Volume’ Revamp
Messari adds 10 new exchanges to its ‘real volume’ metric and overhauls methodology. Crypto data and research platform Messari...
Bitcoin Bulls Defend Against a Drop Below 200-Day EMA; What Comes Next?
It has been a rough day for the benchmark cryptocurrency. After flashing some signs of weakness, Bitcoin briefly dipped...
3 Signs Show Bitcoin on Verge of Macro Upsurge, Making $20k Imminent
After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as...