Bitcoin could move to $8000 as the consolidation phase showed no signs of letting up soon enough as it has been hovering around $9400 ever since it was able to rebound from the recent lows as we are reading further in the latest Bitcoin news.
It is important to keep in mind that the cryptocurrency was forming lower highs over the past few weeks as it was first posting rejections at highs of $10,400 when it rebounded back to $10,050 before later getting rejected at $9,600. This trend indicated that the benchmark digital asset buyers are not being boosted by the underlying strength and could indicate that breaks below the range lows of $9000 which seems imminent in the upcoming days ahead.
One analyst explained that he anticipated that the Bitcoin could move to the $8000 region in the near-term but it was not able to find any more support at this level. Other traders are offering worse outlooks as someone even pointed out to a pattern that signals that Bitcoin could decline as low as $7000 in the upcoming weeks. BTC was trading down by 1% at a current price of $9400. Although it didn’t incur any type of a steady downtrend, the dips below the $9000 levels were short-lived as the lack of buyers’ ability extended the massive momentum which was seen since mid-March consolidation phase.
There are some other factors that seem to suggest the downside could be imminent including the potential triple top which was forming at the $10,500 region, and the consecutive rejections posted at $10,000. Whether or not these lead it into a downtrend it will depend on the bulls and their ability to defend the lower $9000 region. One analyst spoke about the extreme importance of the newly established support explaining that a decline below this level could open the gates for the further plunge to the $8000 region. He doesn’t believe that the support level in the upper $8000 region will slow the descent:
“Primary scenario on BTC still remaining the same and is shared in the chart. Losing $9,150-9,250 and I think we’ll skip $8,800 towards low $8ks.”
Another analyst explained that a potential end-to-end formation of the Ichimoku Cloud Pattern could mean a move to the $7000 is imminent”
“1D BTC… this e2e would make a lot of ppl upset… not close to triggering yet, but def watchin.”
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