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Transcript:
0:00:00 Bitcoin Dropping Under High $8,000s Now “Highly Unlikely”: Here’s Why
0:00:05 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:12 Despite the fact that Bakkt finalized a launch date for its much-ballyhooed Bitcoin futures, the cryptocurrency market has failed to rally.
0:00:19 Per the time of writing this, the leading crypto asset is currently trading for $10,150 a piece, down 2% in the past 24 hours.
0:00:29 Altcoins have followed suit, posting near-identical losses as bulls have failed to take control of the cryptocurrency wheel.
0:00:36 As such, some analysts have kept their bearish tone, calling for a potential further unraveling of the Bitcoin price.
0:00:42 But, one prominent analyst is making the case that a dramatic move lower is highly unlikely.
0:00:48 Over the past week, Bitcoin hasn’t had the best of times.
0:00:52 According to Coin360, the cryptocurrency has shed a shocking 12%, which is a loss that comes in the midst of what many analysts are calling the early stages of a bull market.
0:01:02 Peter Schiff, a prominent gold bug and anti-crypto commentator, has since come out to lambast BTC, touching on how this collapse may imply that the bull run is already over and that a move back to bear market levels is imminent.
0:01:14 But according to a recent tweet from Josh Rager, a prominent industry analyst, this is highly unlikely.
0:01:21 In a recent tweet, Rager suggested that Bitcoin’s recent tumult is a clear sign of “one large re-accumulation happening after large players took profits near $14,000”.
0:01:31 He adds that while the price of Bitcoin has the potential to drop in the coming weeks, it is “highly unlikely” that it falls below the high-$8,000s,” citing the fact that there exists the 20-week moving average.
0:01:43 Thanks for checking this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.
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