Crypto Bull Analyst Predicts Sharp Bitcoin Price Correction Below $10,000

Since June 27, the bitcoin price has dropped from nearly $14,000 by more than 22 percent against the U.S. dollar in a relatively large pullback, leading the valuation of the crypto market to drop.

$BTC views update

– Mid/long term bullish.
-Short term bullish above 11500/11600, bearish below 11300.
– R: 11800, 12000, 12300, 12500.
– Key level above for bears to defend is 12300.
– If price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760. pic.twitter.com/1Cns6bySxz

— Alex Krüger (@krugermacro) July 12, 2019

Still, despite the minor correction, the bitcoin price is up more than 210 percent year-to-date as one of the best-performing assets in the global market.

In comparison, other major crypto assets that tend to be substantially more volatile have struggled to record gains above 200 percent since January with the exception of Litecoin and Binance Coin.

A scenario in which bitcoin falls below…