Bitcoin Dropping Under $8,000 Is Highly Unlikely: Analysts

The coming altcoin news today show that a lot of cryptocurrencies from the top 10 are recording new gains while Bitcoin is still at $10,380 without much changes overnight. However, analysts believe that Bitcoin dropping under $8,000 is not something that we will see soon – and that even though the cryptocurrency has shed a shocking 12%, good times are coming.

Peter Schiff was one of them featured on many best cryptocurrency news sites. As the popular gold bug and anti-crypto commentator said, the bull run is already over and a move back to the bear market levels is imminent.

Still, a new tweet from Josh Rager suggests that Bitcoin dropping under these levels is highly unlikely. On his Twitter profile, Rager suggested that BTC and its recent tumult is a clear sign of “one large re-accumulation happening after large players took profits near $14,000”.

$BTC

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 📈 (@Josh_Rager) August 17, 2019

He also added that the price of Bitcoin has potential to drop in the coming weeks – but it is “highly unlikely” that it falls below the high $8,000s” citing the fact that there is a 20-week moving average which suggests that Bitcoin dropping under these levels is not a possibility.

As seen in the chart above, Bitcoin already bounced off the 20-week moving average in the previous bull run. At this point, there are technicals supporting a bounce but fundamentals too. As reported by many Bitcoin and altcoin news sites, the New York Stock Exchange-backed crypto venture Bakkt has gotten a green light from CFTC through the self-certification process and user acceptance testing has begun.”

All of this could spark medium term trend reversal and suggest that Bitcoin dropping under $8,000 is not something to expect. In fact, the CEO of Bakkt Kelly Loeffler wrote that her company has bagged approval from the NYSE to launch Bakkt Trust Company which will store BTC and other digital assets involved in the firm and its financial vehicles.

When speaking about Bakkt’s impending and how it will be “arguably the most bullish event for institutional investors in the history of Bitcoin”, Melker wrote that these futures will demand holders to “produce actual Bitcoin or take delivery from the exchange.”