RATE Group | Bitcoin Could Drop Towards $6,100 While Still Maintaining Parabola
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Bitcoin Could Drop Towards $6,100 While Still Maintaining Parabola

17 Jul Bitcoin Could Drop Towards $6,100 While Still Maintaining Parabola

Posted at 22:25h in Bitcoin News by

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Bitcoin’s recent bout of downwards pressure has now sent its price decisively below $10,000, which appears to have marked the end of the long period of bullish momentum that BTC has experienced over the past several weeks.

Importantly, the recent drop has been leading many analysts to believe that the cryptocurrency has violated the parabolic formation it has formed in the past several months, but one prominent trader is now noting that BTC could possibly drop towards $6,100 and still maintain its parabolic formation.

Bitcoin Plunges Nearly 10% as Bears Take the Wheel

At the time of writing, Bitcoin is trading down over 7% at its current price of $9,680, down significantly from its recent highs of $10,600.

BTC’s recent move to the four-figure price region was first sparked in late-June when the cryptocurrency failed to decisively move past its 2019 high of $13,800, which proved to be a strong level of resistance that sparked the recent sell-off.

Although the drop below $10,000 is…

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