Benchmark Bitcoin Could Erase All Of 2019’s Gains: Analysis

Benchmark Bitcoin cryptocurrency didn’t manage to hold strong to the bulls and surrendered to the bears and it seems like the crypto could erase all of 2019’s gains and reach the $4,000 territory again as per the Bitcoin price news today.

After the long period of consolidation around the $10,000 level, the bulls ran out of fuel and led the price of the benchmark bitcoin to plummet lower as it began getting deeper into the gains that it made during the first half of 2019. The analysts noted that there is a good chance that Bitcoin could target the price level at which it started the rally at the beginning of the year which could mean that BTC will soon erase all of the gains that occurred this year. At the time of writing, Bitcoin was trading down nearly 3 percent which shows there is a slight climb from the recent lows of $7,900 which is where the cryptocurrency held onto the levels of support that slowed down the descending trend.

Because Bitcoin seems to have a decent amount of support around the $8,000 level, it is highly likely that the crypto will consolidate around the level of support for the next few days although any sudden influx of buying or selling pressure could change this motion. The latest downward pressure has led the analysts to set low targets for the near-term price and one popular analyst on Twitter named Harry, explained that the price might target the $4,000 region in the near-term but he also outlined that the price could once again reach the $9,000 region:

 “$BTC – Long term BTC chart, assuming we are not reversing from a relief rally, smart bulls are looking for signs of continuation as low as $4.8k, expect pull backs to levels will be sold off hard, be particularly cautious with prices attacking $9.5k on first attempt.’’

Another popular analyst on Twitter explained that the recent sell-off may be followed by a revision rally so Bitcoin could re-target the $7,300 price before moving to the mid-term target of $4,800 as we read in the altcoin news today:

 “$BTC – I had been talking previously about a stagnant market with significant action outside $11.5-$9.5k range. All the same levels here, $9.5k had multiple tests, market looked illiquid to $8k, daily close on 23/09 kicks this off. Market now targets $7.3k with $4.8k potential.’’