RATE Group | Crypto Analyst: Under $5,000 Bitcoin Now A Possibility
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Crypto Analyst: Under $5,000 Bitcoin Now A Possibility

26 Sep Crypto Analyst: Under $5,000 Bitcoin Now A Possibility

Posted at 22:28h in Bitcoin News by

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After consolidating within a triangle formation for the last three months, Bitcoin price finally broke out of the trading range. However, to the surprise of most of the crypto community, Bitcoin broke down from the pattern, putting the crypto asset’s entire bull run in jeopardy.

Now that a direction has been chosen, one crypto analyst says that prices under $5,000 are now on the table and a very real possibility. Will Bitcoin price reach such lows once again, or will the leading crypto asset by market cap bounce back from here?

Could Bitcoin Price Return to Bear Market Lows?

Earlier this week, Bitcoin price finally plummeted well below support at $10,000, falling nearly $2,000 to the low $8,000 range. The nearly 18% drop resulted in a quick bounce to as much as $8,800, but is currently trading again near the low $8,000 range.

Related Reading | Crypto Analyst: Bigger Bitcoin Price Drop Coming, Indicator Showing Weakness 

The bearish price action has even the most convicted bulls…

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