Crypto analyst Josh Rager says Bitcoin’s return to $10,000 will likely be short-lived.
Rager maintains that Bitcoin’s maximum correction in the current cycle would bring the leading cryptocurrency down to around $8,000, and says traders with deep pockets are holding back to try and catch a bottom.
“If interested in accumulating more Bitcoin at sub $10k prices, remember that the majority won’t catch the bottom. It may be wise to consider scaling in slowly but it’s totally up to you.
But it’s likely the bottom will bounce hard and most will be front-run by big players…
With a lack of major volatility, things quiet down. Reminds me when we were under $4k (not near as quiet) but these are the times where I set targets on Bitcoin and maybe a few alts. Months from now people will wish they would have taken more action during the slow price movement.”
Fellow fundamental and technical analyst The Crypto Dog told his 155,000 followers on Twitter that BTC’s declining volume indicates the leading cryptocurrency will continue to consolidate in the short term.
He believes traders may have an opportunity to buy BTC below $9,000 and warns that if Bitcoin dips into the $7,000 range, the current bull market structure is toast.
“BTC has been falling on decreasing volume since the peak in late June. We needed to recharge our batteries before the next run-up, and we have been. Everyone wants to buy $8,000s, and I’m sure not counting them out. I expect spot bids from $8,000 to $8,800 to be rewarded.
If we do see the $7,000’s, that’s where I start to build a longer-term leveraged position. Many people have a ‘this is exactly where we bottom out’ target, I have a range. Below $7k and bull market structure is toast, pack it up, halving canceled.”
Bitcoin continues to hover around the $10,000 mark. Right now, BTC is up 3.73% at $9,993 according to CoinMarketCap at time of publishing.
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