As Bitcoin continues to slide toward $9,000, crypto analysts are trying to gauge when the bleeding will stop.
BTC is at $9,130 at time of publishing, down 4.76% in the last 24 hours, according to COIN360. Ethereum (ETH) is down 8.85% at $238.35, and XRP is down 10.22% at $0.2403.
Now that BTC has firmly slipped below $9,300, analyst Josh Rager says he thinks the leading cryptocurrency will continue to head south to support at around $8,600.
Meanwhile, Scott Melker of Texas West Capital says Bitcoin bulls need to protect the $9,090 level to avoid a larger move to the downside.
“The next support for me is still THE LINE at $9,090. For now, price bounced there to the dollar. Now let’s see if it holds.”
Fellow analyst Filbfilb tells his followers on Telegram that he believes BTC will likely hit a bottom at around $8,800, which is the current 200-day moving average on TradingView.
“Downside targets the 200-day moving average, 20-week moving average, and 50-week moving average seem good for a bounce, but the 200-day moving average is never really lost in a bull run, so losing that could be more of a significant issue. Nevertheless, I’m looking for longs down there.”
In the short term, analysts are expecting BTC’s downtrend to continue to ripple out to Ethereum, XRP and the greater altcoin market.
Analyst Bitcoin Jack says that after plunging below a key level of support at $250, Ethereum appears to be at the start of a significant correction. He expects the next bounce for ETH to happen at around $210.
As for XRP, technical trader Bleeding Crypto says the coin will likely continue to fill futures gaps before it hits a bottom at $0.2037.
Gaps are created on weekends, when futures trading stops and XRP trading continues around the clock. According to the analyst, XRP typically fills its gaps 90% of the time.
“WE JUST GOT GAP #3 FILLED. That’s 3 in 1 day. Boy, I can just see all the non believers holding those heavy bags in the fetal position rocking back and forth regretting not paying attention… These are warning for you.”