RATE Group | Bitcoin May Target $5,000 in Near Term as Momentum Falters
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Bitcoin May Target $5,000 in Near Term as Momentum Falters

12 Oct Bitcoin May Target $5,000 in Near Term as Momentum Falters

Posted at 21:19h in Bitcoin News by

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After surging from its recent lows of $7,800, Bitcoin has been unable to extend its upwards momentum and has continued trading sideways within the lower-$8,000 region. This bout of consolidation has made it increasingly unclear as to which direction BTC will move next, although its next major movement should provide significant insight into this.

One analyst is now noting that Bitcoin may continue dropping until it reaches the $5,000 region, which is where it currently has enough support to bolster its near-term price action and help it surge significantly higher in the near-term.

Bitcoin Stabilizes Around $8,400, But Momentum Falters

At the time of writing, Bitcoin is trading up marginally at its current price of $8,400, which is where it has found stability in the time since it plummeted following its attempt to surge towards $9,000 that occurred a couple of days ago.

Bitcoin’s inability to continue surging after it visited its recent lows of $7,800 points to an underlying weakness…

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