RATE Group | Bitcoin Price Ready to Fall to Low-$7,000s; Here’s Why
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Bitcoin Price Ready to Fall to Low-$7,000s; Here’s Why

30 Sep Bitcoin Price Ready to Fall to Low-$7,000s; Here’s Why

Posted at 12:18h in Bitcoin News by

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Bitcoin bears have continued to flex their muscles into Monday morning. After closing the week at a massive loss, with BTC posting its worst performance since November 2018’s capitulation event, bulls failed to make their presence known.

As of the time of writing this, the Bitcoin price has started to collapse yet again, falling as low as $7,700 after trending above $8,000 for days on end. This latest collapse, analysts say, are putting the cryptocurrency market in a precarious position — a position that perhaps may precede yet another precipitous plunge.

Related Reading: Bitcoin to Bottom at $6,000, Surge to All-Time High by Halving: Analyst

Bitcoin Ready to Move Lower

Ouch. Over the past 24 hours, Bitcoin has shed 4%, with bears taking control once again.

According to analyst Data Dater, this recent downturn has seen Bitcoin’s latest descending triangle chart formation break down on the one-hour chart. The measured move of this triangle is -10%, meaning that Bitcoin could sink…

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