The Bitcoin price has alarmed the crypto community by reaching one of the lowest positions of the year 2019. The trend line is hovering below $8500 from yesterday and has not yet shown a satisfactory recovery.
The analysts and experts have mixed sentiments over this and as a result, shared the mixed types of predictions. Some claimed that the current level is the pitch ground and it will bounce back from here in the upward direction towards the end of 2019.
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But on the other hand, some experts predicted that it will go down further. The whole crypto markets are under the burden of bearish trend as most of the cryptocurrencies are more slumped than BTC. The digital gold is dumped almost 14% in 24 hours that is very disturbing news for traders.
Positive Predictions: Upsurge is expected
As the value line has shown a negligible recovery after touching the lowest mark. It stirred some analysts who thought that this was the bottom mark so far and will act as a strong support level. According to them, the next target is going to break all the records and the upcoming year will be a game-changer.
I might make a fool of myself here, but…
I actually think that was the bottom.
— Byzantine General (@ByzGeneral) September 24, 2019
It is good to invest as this is the bottom line and the rate will not go down further.
Another tweet stated that this is the end of the bearish zone and the next goal is $16k that will accomplish at the end of this year or at the start of 2020.
— 21isnotnumber (@21isnotnumber) September 24, 2019
Negative Predictions: BTC will go down further
Some experts, on the other hand, are claiming that it will go down further as this is not the ultimate bottom line. According to Forex Crunch, the next dump will stop at $7500.
Bitcoin technical analysis: BTC/USD smashed through critical $9500, bears now eye $7500 – https://t.co/PR783373Dt pic.twitter.com/2mbwcVkTcw
— Forex Crunch (@forexcrunch) September 25, 2019
The same figure of $7500 has been estimated by another BTC analyst and enthusiast CryptoOrca.
— CryptOrca (@CryptOrca) September 24, 2019
The CEO of Euro Pacific Capital Peter Schiff stated that the bearish trend is active and there are chances that price will dump to mark $4,000 or lower than this.