Bitcoin Price Tanks Below $9,000; What Comes Next?
The volatility that analysts expect in the Bitcoin (BTC) markets is finally here. So, how are analysts responding to this latest move, which comes after two weeks of price ranging between $9,000 and $9,500?.
As reported by Ethereum World News, CryptoHamster, a popular trader, remarked in a tweet last night that BTC has seen bearish divergences form on the one-hour time frame with the Stochastic, Stochastic Relative Strength Index, and Moving Average Convergence Divergence all trend higher while BTC has fallen, signaling weakness. The analyst elaborated that they expect for Bitcoin to remain bound to the $8,000 to $12,000 range until year-end; Bloomberg wrote that increasing institutional investment and a “favorable macroeconomic environment” should produce upside potential, but that “hangover selling from 2017’s price surge” should limit the upside, and potentially create some room for downside to the $8,000 region.
