A crypto trader who called Bitcoin’s plunge below $10,000 says the worst is not over yet.
The trader, who is known in the industry as TheBoot, was one of the few to accurately predict Bitcoin’s recent drop three days before it happened. The trader tells his 22,000 followers on Twitter that this time around, he expects the leading cryptocurrency to remain below $10,000 for more than a minute.
“BTC looks pretty bad. Shorted above 10k, today might be the last time we are at 5 digits for some time.
If we can close below the trendline I’d love to finally fill that 8.5k gap and go long around then. But it feels like if we go there we probably wick even lower.”
Right now, Bitcoin is down 2.00% at $9,518 according to COIN360 at time of publishing. Ethereum is down 2.04% at $169.70, XRP is up 1.72% at $0.2594 and Litecoin is down 3.45% at $64.63.
CoinDesk analyst Omkar Godbole says increasing selling volumes indicate BTC may drop below $9,000 in the short term.
“Bitcoin risks falling to $9,000 in the next 24 hours, having dived out of a narrowing price range on Wednesday. A violation there would expose the next support lined up at $8,500.
The breakdown looks legitimate as it is backed by a surge in selling volumes.”
Here’s a look at the latest analysis from across the cryptoverse.
CoinDesk – Bitcoin eyes $9K price support after drop to one-month lows
Bitcoin Magazine – Weeks of consolidation for BTC now coming to a head
FXStreet – ETH/USD creeps next to the oversold zone
Crypto Daily – Support expected around $165, with resistance at $178
NewsBTC – Bearish trendline indicates XRP could soon test $0.2400
Crypto Briefing – Analysis highlights $55.00 level as possible turning point for LTC
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