The return of the bears: when the Bitcoin drops below $ 7,000?

Director of information technology of the American company Redacted Capital Nick the cat has published the expected path of the price movement of Bitcoin. Its not the best scenario for the bulls. According to Cat, if cryptocurrency falls below $ 7,500, the bears must make one last attempt to have a massive drain on the market. The beginning of the global bullrun may take several months.

The fall is inevitable?

At the moment, Bitcoin is trading around $ 7930, but in the near time the asset is likely to test support on the line of $ 7,500. Now the last is the main “pillar” of the bulls in the upward price movement of BTC.

So far, so good. Bitcoin rebounded on a pullback, the activity of bears increased. Now let’s see if we can sink lower. If Bitcoin will keep the level of $ 7,500, this will give confidence in Bollene. Otherwise… it’s very bad.

After breaking this support, traders should count on line $ 6,700. It is there now is moving average 200 SMA scale 1-day chart. The line can be a good dynamic support. Given that we are already in a bull market, the probability of Bouncing off it quite high.

See also: the Next race of Bitcoin miners. How price hikes affect the industry?

By the way, to determine the onset of global growth easily — informed about it said CEO Joe McCann, NodeSource. But chief analyst at Fundstrat Tom Lee back in early April, told about the beginning bullrun. As you can see, Lee was right.

Hopefully, Bitcoin will continue growing up to 100 thousand dollars and even more.

To get the profit on the uptrend, be sure to look into the rating of the cryptocurrency and subscribe to our cryptcat of hontarov. It is only your own.

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