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Bitcoin might go down to $7,400 if dropped from $8,400

Currently, the bitcoin is hovering around $8,500 with a minimum change observed throughout the day. A week has passed and the value is not succeeded in crossing the level at $9,000. A crypto analyst predicts that if the trend line dropped from $8,400 then the next text target of the BTC will be $7,400.

Bitcoin is struck between the two pivotal levels: one is $8,000 and the other one is $9,000.The volatility of digital gold seems to be very passive. The rally to $10,000 will be triggering point if it has to reach $1 million according to the predictions of many recognized crypto experts.

The halving event is approaching but still, there is not a profitable activity observed in the trend line; and the price is residing below the mark of $9,000.But the speculations made for this event were very high-starting from $14,000 and ending at $20,000.

BTC could fall to $7,400

A crypto analyst claimed that BTC must not cross the figure of $8,400 because this dropping can lead to a loss of $1000. If it remains successful to not drop below the support level then the price value will go upward making some bullish moves.

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But in case of slumping from this mark, the next target of the digital gold will be at $7,400 and more deeps positions.

Another group of analysts is claiming the value may go down before the block reduction. @nebraskangooner is one of them, who believed that bitcoin value decreases to $6,700 before the happening of halving event which is expected to happen in May 2020. Joel Birch, another crypto forecaster, told that BTC will be down to $6000 as the halving is approaching.

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Today, the whole crypto markets have been sinking in the bearish clouds. The major cryptocurrencies including the Bitcoin, Ethereum and Ripple have been journeying in the downward direction but there is a slight change.


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Leah Hutton (Luxembourg)

Leah Hutton has recently joined Tokenhell team as a freelance writer. She has comprehensive knowledge of blockchain and various cryptocurrencies.

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