After the BTC crash that happened just two days ago right after the Bakkt platform launch, the analysts believe that further losses are coming down the line as we are about to find out more in the coming altcoin news below.
Bitcoin was smashed to a three month low of $8,000 and the entire crypto market shed more than $30 billion in the exodus. This is not something to be happy about since today, the market suffered its largest daily crash of the year. Bitcoin plunged through its long-standing support level and bottomed out at $8,000 before slightly bouncing back. The massive drop knocked more than 17 percent of the Bitcoin price in the past 24 hours and this is considered as one of the largest dumps this year. This has not been unexpected singe many analysis pointed out that the descending triangle is in a bearish pattern.
According to Tradingview.com BTC bounced off the $8,000 support line as the buy orders were triggered as well. When the dust settled, the price found some steady ground at $8,500 and is currently trading at $8,370. The bitcoin greed index dropped into panic mode straight away and is currently registering a lot of fear at 15. The analyst Josh Rager stated that BTC needs to break above the current levels or there will be another retest at $8K:
“If Bitcoin fails to break above the current level, we’ll get another retest of the support below – which has bounced once and could hold. But if this isn’t a bear trap I do see price heading down to low $7ks. Keeping a close eye on the 2W stoch. Momentum approaching the decision point of ‘is this a pullback’ or is this confirming a trend reversal, which would point to at least the $7,600 re-test.”
Most of the analysis after the BTC crash state that further losses are inevitable and a drop below $8,000 will follow. The altcoins have all jumped off the cliff following the number one cryptocurrency and the total market capitalization was smashed for more than $30 billion in less than 24 hours and landed at $225 billion. Most of the crypto assets are suffering double-digit losses today as well. Ethereum has dumped back to support at $170 in a 16% slide, while Ripple’s XRP reached a new low below the $0.24 position. Tether flipped Bitcoin Cash in terms of the market cap and BCH got crushed to the $225 position as we read in the latest cryptocurrency news.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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