{"id":112517,"date":"2019-08-26T12:35:16","date_gmt":"2019-08-26T19:35:16","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=112517"},"modified":"2019-11-07T02:51:49","modified_gmt":"2019-11-07T02:51:49","slug":"why-bitcoin-drop-8500-despite-bullish-trend","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/why-bitcoin-drop-8500-despite-bullish-trend\/","title":{"rendered":"Why Bitcoin could still drop to $8,500 despite the bullish trend"},"content":{"rendered":"

The Bitcoin<\/a> markets experienced extreme levels of fear, with the Crypto Fear and Greed Index<\/a> reaching a historic all-time low. As BTC hovers around $10,000 traders claim it should be taken as a buying opportunity<\/a>. Meanwhile, a handful of respected traders first believe a dip to $8,500 is more likely.<\/p>\n

The bear-case for Bitcoin\u2019s future is visible among some of the most cryptocurrency traders on social media. Eric Thies<\/a>, for instance, argues<\/a> BTC will reach $8,500 before it goes above $14,000. Another respected analyst, Max Keiser<\/a>, believes<\/a> that it is a \u201ccoiled spring about to explode higher.\u201d<\/p>\n

As Bitcoin\u2019s history continues to unfold, the bearish and bullish perspectives must be taken into account to reduce risk and limit exposure.<\/p>\n

The bear case<\/h2>\n

Since mid-December 2018, Bitcoin rallied nearly 350 percent. After peaking at $13,870 on June 26, many investors thought the market was getting too hot and took profits. As a result, BTC retraced 34.60 percent to reach a low of $9,080 on July 17 and entered a consolidation period.<\/p>\n

So far, Bitcoin has consolidated for more than sixty days, making lower highs and higher lows. This led the crypto trader Bob Loukas to believe that the intermediate rally, that began in December, ended. Loukas instead insists that Bitcoin could be posed for a \u201cmajor shakeout\u201d before continuation of the bullish trend, with the next cycle\u2019s low around $7,900.<\/p>\n

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4-Year Journey and #HODL<\/a> followers. <\/p>\n

Buy +hold as if it's going to rocket out of this consolidation. <\/p>\n

But know the intermediate term rally from Dec lows ended. Therefore, a major shakeout from this consolidation, before a continuation, would be perfectly normal behavior. pic.twitter.com\/NnDBuNeZil<\/a><\/p>\n

— Bob Loukas (@BobLoukas) August 23, 2019<\/a><\/p><\/blockquote>\n