Per the time of writing this, the leading crypto asset is currently trading for $10,150 a piece, down 2% in the past 24 hours. Altcoins have followed suit, posting near-identical losses as bulls have failed to take control of the cryptocurrency wheel.
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As such, some analysts have kept their bearish tone, calling for a potential further unraveling of the Bitcoin price. But, one prominent analyst is making the case that a dramatic move lower is highly unlikely.
Bitcoin Unlikely to Fall Under $8,000s
Over the past week, Bitcoin hasn’t had the best of times. According to Coin360, the cryptocurrency has shed a shocking 12%, which is a loss that comes in the midst of what many analysts are calling the early stages of a bull market.
Peter Schiff, a prominent gold bug and anti-crypto commentator, has since come out to lambast BTC, touching on how this collapse may imply that the bull run is already over and that a move back to bear market levels is imminent.
But according to a recent tweet from Josh Rager , a prominent industry analyst, this is highly unlikely. In a recent tweet, Rager suggested that Bitcoin’s recent tumult is a clear sign of “one large re-accumulation happening after large players took profits near $14,000”.
IMO, this seems just like one large re-accumulation happening after large players took profits near $14k
Price could drop down again but it's highly unlikely it falls below the 20 MA (blue line) at high $8ks now
ATM, I'll take my chances at scaling in slowly week by week pic.twitter.com/XJ4eiysgFn
— Josh Rager