Crypto Analysts React As Bitcoin (BTC) Sinks Below $8,000, With XRP, XLM, EOS and BCH Rising
Crypto analysts are mapping out the week ahead, with the king of crypto once again slipping below $8,000.
Bitcoin is currently at $7,868, down 2.73% according to COIN360, at time of publishing.
Four of the top 10 altcoins by market cap are bucking the BTC trend, with XRP, XLM, EOS and BCH all in the green.
A number of crypto analysts continue to see signs of a potential altcoin rally against BTC.
Veteran trader Peter Brandt and DataDash host Nicholas Merten have both singled out XRP as having potential upside in the short term.
An analyst known in the industry as CryptoThies is also throwing his hat into the ring.
He thinks XRP could muster a rally as Ripple’s yearly Swell conference approaches, although he cautions that in the highly volatile and unpredictable crypto market, anything can happen.
Could it be wrong? Totally.
But its down 95% already so sure why not. pic.twitter.com/OqfqBlNp78— CryptoThies (@KingThies) October 6, 2019
As for Bitcoin, analyst Cryptomist says he expects Bitcoin volatility to pick up this week.
“[Bitcoin has] been ranging this week, but expecting action this upcoming week.
I still think there are new lows coming but perhaps leg up first. Potential falling wedge here present on the 4hr. If valid we could see break sooner than later.”
Crypto analyst DonAlt is also mapping out the potential for more bearish pressure in the near term.
He tells his 121,000 followers on Twitter that he wouldn’t be surprised if BTC dips into his green zone, which extends as low as $7,000.
“BTC daily: Looks anemic to me. Wouldn’t be surprised by another leg lower wicking into the green zone.
I would be surprised by a wick into the $9000s but technically that’s the next best resistance. Currently in a tight range, without any major reaction to the lows being hit.”
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