In a dramatic twist, Bitcoin has in the last couple of days turned bearish. In its latest trend, the coin went into the weekend struggling to stay above $11K. This was evident as it slipped below this position on Saturday before recovering and getting back above it.
Today, the bears have ensured that this position is achieved yet again, and this time cemented. In the last couple of hours, the bears have pulled down Bitcoin prices as low as just above $10,600.
Analyst Sees Bitcoin Falling Below $10K
At the time of press, Bitcoin has been able to pull back a punch and climb above $10,700, one of its key support positions. This, however, remains a drop of more than 5% in the last 24 hours.
So, the question remains, should holders expect more drops? According to Alex Kruger, a long term bull, yes. The analyst believes that the current correction could easily see Bitcoin below $10K.
In a tweet he stated:
$BTC views update
– Mid/long term bullish.
-Short term bullish above 11500/11600, bearish below 11300.
– R: 11800, 12000, 12300, 12500.
– Key level above for bears to defend is 12300.
– If price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760. pic.twitter.com/1Cns6bySxz
— Alex Krüger (@krugermacro) July 12, 2019
Josh Rager, another cryptoanalyst, has also backed this prediction in recent days. He has stated that if Bitcoin fell below the $10,500 position, this would trigger a larger bear market and easily see Bitcoin prices fall to the $9K region.
Despite the negative predictions, both analysts remain optimistic that the asset would stay in this region for a long time. The pullback would see investors accumulate and prices rally again, possibly surpass recent highs.
Altcoins Also On The Receiving End
Altcoins have not been spared following the latest drop. A majority continue to slip below key support positions. Ethereum (ETH) and Ripple’s XRP, two of the most popular cryptocurrencies, have suffered a drop of 10% and 5% respectively. This has seen Ethereum drop below $245 and XRP fall to around $0.31.