RATE Group | Billionaire: Bitcoin Unlikely to Drop to $5k, But Drop to $8.5k Would Spark Nervousness
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Billionaire: Bitcoin Unlikely to Drop to $5k, But Drop to $8.5k Would Spark Nervousness

01 Aug Billionaire: Bitcoin Unlikely to Drop to $5k, But Drop to $8.5k Would Spark Nervousness

Posted at 22:50h in Bitcoin News by

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Bitcoin (BTC) and the aggregated crypto markets have been facing a bout of significantly choppy trading as of late, which has left many analysts and traders alike scratching their heads as to where the markets could go next.

Although there has been a significant amount of talk surrounding BTC dropping to the upper-$8,000 region, one billionaire investor recently explained that he believes that it is unlikely that the crypto drops back towards its 2018 lows, but also noted that a drop to $8,500 would make him “nervous.”

Bitcoin Forms Tight Trading Range as Choppiness Abounds 

At the time of writing, Bitcoin is trading down marginally at its current price of just above $10,000.

Bitcoin’s bulls and bears have been locked in a tight battle as of late, with buyers attempting to stabilize the cryptocurrency’s price above $10,000, while sellers have been trying to keep its price below this level.

This battle has resulted in the formation of a choppy trading range between roughly…

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