How Low Could Bitcoin Go During This ‘Scary’ Pullback?

The latest Bitcoin news show that this morning, Bitcoin (BTC) revisited the $7,700 region and slid by more than 6% overnight. As we can see at press time, BTC managed to retrace to $7,900 but is still below the major psychological margin at $8,000. This leads many people to ask themselves how low could Bitcoin go this time.

According to analysts, we should adapt to the cryptocurrency news showing losses. This is a vulnerable period, many analysts claim, stating that BTC could go as low as $6,300 before initiating another home run.

Traders and analysts like Josh Rager decided to answer the question of ‘how low could Bitcoin go this time’ and stated that the short term could show a pullback which would intensify to a region where large buy demand exists.

“Have been asked how far can BTC drop IMO, the lowest BTC will hit: between $6300 to $6600 where there is major interest Price currently bounced off monthly support & if this area breaks could head to $6600 – based on higher time frames,” Rager tweeted.

Even though there are calls for a retest of even lower support levels in the $3,000 to $4,000 region as BTC dropped to $7,700 over the weekend, a 70% correction from the yearly high is highly unlikely to happen – especially given the abundance of buy orders in the $6,000 to $7,000 range.

If you are among the people asking how low could Bitcoin go this time and what could boost sentiment around the BTC price – to avoid a bigger drop – the answer is simple. As DonAlt who is another popular crypto technical analyst pointed, the most dominant cryptocurrency must halt its sell pressure in order to recover.

“A range of 100 days just broke to the downside,” DonAlt wrote, stating: “If this is a bullish shakeout it’ll be obvious once BTC reclaims $10k. If this is bearish I don’t want to be long. Buying this feels like buying $5500 after the $6000 break. Something I’m not willing to do.”

At this point, the only set of catalysts which may reverse the price of BTC and boost the sentiment are the technicals. If BTC starts showing extreme oversold conditions and buyers step in, the price may turn around, relieving pressure on the market.

In the ETH news and altcoin updates, we can see even weaker short term movements when compared to BTC. This suggests that investors do not like risk at this point.