Bitcoin and the aggregated crypto markets are experiencing a day of green after facing strong selling pressure over the past couple of days. Despite this, BTC still appears to be in precarious territory, and it may soon lose the support it currently has around $10,000.
Analysts are now noting that an extension of the selling pressure recently incurred by the markets could send Bitcoin reeling down towards $7,000, but this move may spark another major uptrend that allows BTC to end 2019 on a high note.
Bitcoin Finds Support at $10,000, But Bears Still Have an Edge Over Bulls
At the time of writing, Bitcoin is trading up nearly 4% at its current price of $10,030, which is up significantly from its 24-hour lows of $9,600 that were set yesterday.
Bitcoin’s recent dip below $10,000 came about after it made a rapid advance towards $11,000 during this past weekend, which was met with strong selling pressure that sparked the recent sell-off that sent BTC to just below its current price levels.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about this latest move down in a recent tweet, explaining that $9,900 is a key price level that BTC must hold above, or it is highly likely that bears will send its price reeling lower in the near-term.
“That was fast. $BTC needs to hold above $9906 or there will likely lead to retest of the $9600s,” Rager said while referencing the below chart.
BTC May Move to $7,000 Before Fresh Uptrend Begins
Importantly, it does seem as though bears have an edge of bulls at the current moment, which may mean that Bitcoin will drop further in the near-term before bulls once again take the wheel and lead the crypto higher.
RJ, another cryptocurrency analyst, spoke about this possibility in a tweet to his over 7,100 Twitter followers, explaining that he believes the next uptrend will begin in September.
“My $BTC macro view: Expecting a slow and choppy July + August. Uptrend continuation in September with strong moves Sep/Nov. Zones of interest: Rushing 9K and high 8K buyers to get shaken out. Ideal entry area high 7K ~ low 8K. Upside target 16K, if broken we will gun for a new ATH,” he explained.