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.
But in case of slumping from this mark, the next target of the digital gold will be at $7,400 and more deeps positions.
Zoomed out version;
▫️ Still in the golden pocket area here at $8,400 zone.
▫️ Holding here would flip $8,400 support.
▫️ Overall still downwards trending.
▫️ Losing $8,400 would make bias turn to $7,400.
But overall still not bad. pic.twitter.com/JDWKE8R9Pn
— Crypto Michaël (@CryptoMichNL) November 17, 2019
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.
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.