{"id":56344,"date":"2019-09-09T11:20:36","date_gmt":"2019-09-09T09:20:36","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=56344"},"modified":"2019-09-09T11:18:39","modified_gmt":"2019-09-09T09:18:39","slug":"bitcoin-price-10000-analyst-drop","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price-10000-analyst-drop\/","title":{"rendered":"Bitcoin Price Recedes to $10,000; Analyst Expects Another  4% Drop"},"content":{"rendered":"\n<h2><strong>Bears Take Over Bitcoin Price<\/strong><\/h2>\n\n\n\n<p>Sorry bulls, it seems that bears want to play now.<\/p>\n\n\n\n<p>In the past few hours,<a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/bitcoin-news\/\"> <\/a><a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/bitcoin-news\/\">Bitcoin <\/a>has shed $400, printing large red candles on short-term price charts as bears managed to take control of the market. While Bitcoin is still up by 4% over the past week, it seems that bears have managed to kill the uptrend that brought BTC from $9,300 to $10,900. <\/p>\n\n\n\n<p>As of the time of writing this, Bitcoin is trading at $10,100, which implies a 3% to 4% loss over the past day. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img src=\"https:\/\/www.tradingview.com\/x\/DT3xceGI\/\" alt=\"\" title=\"\"><\/figure><\/div>\n\n\n\n<p>Analyst Financial Survivalism believes that the recent price unwind could result in <a href=\"https:\/\/twitter.com\/Sawcruhteez\/status\/1170904689132490752\" rel=\"nofollow noopener\">further losses<\/a> for the leading cryptocurrency. In a recent tweet, he noted that Bitcoin has just dropped below the lower bound of a low time frame symmetrical triangle, which has a measured downward move of $9,620. Since BTC has managed to close under the triangle, a strong collapse to the aforementioned level \u2014 some 5% lower than the current price \u2014 could be had in the coming day. <\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Low time frame symmetrical triangle just confirmed. Measured move is $9,620. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/H7BA0gkRIJ\" rel=\"nofollow\">pic.twitter.com\/H7BA0gkRIJ<\/a><\/p>&mdash; Tyler D. Coates (alph\u03b1nalysis.io) (@Sawcruhteez) <a href=\"https:\/\/twitter.com\/Sawcruhteez\/status\/1170904689132490752?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">September 9, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>That&#8217;s not all. According to Bytetree, a crypto analytics firm, Bitcoin&#8217;s &#8220;fair value&#8221;, which is derived from its network effects and transaction values, is currently around $7,500, implying that the cryptocurrency&#8217;s premium is at around 35%. While there is unlikely to be a full retracement to that level, BTC always ends up interacting with its fair value in the long run. So should the lack of usage of the Bitcoin network continue, a further drawdown could be observed. <\/p>\n\n\n\n<h2><strong>Altcoins Strong In Pullback<\/strong><\/h2>\n\n\n\n<p>What&#8217;s interesting about this pullback is that while Bitcoin has shed 4%, altcoins have managed to outpace the market leader, even in a dump. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img src=\"https:\/\/www.tradingview.com\/x\/djaoWbJj\/\" alt=\"\" title=\"\"><\/figure><\/div>\n\n\n\n<p>For those unaware, in all previous flash crashes seen over the past three months, Bitcoin managed to outpace its crypto ilk, often resulting in short-term BTC dominance surges.<\/p>\n\n\n\n<p>This latest unexpected divergence could be seen as a sign that altcoins are starting a return to their former glory. And while some say that this fabled &#8220;altseason&#8221; is coming far too soon, the technicals support a recovery in the value of the cryptocurrency asset class against BTC.<\/p>\n\n\n\n<p>According to Bitcoin Bravado\u2019s former lead analyst, Jack, selling altcoins at this point in time is nonsensical.&nbsp; <\/p>\n\n\n\n<p>He argued that BTC dominance, which recently hit a two-year high, is poised to \u201cfall off a cliff\u201d, potentially to collapse back to the low-60s or mid-50s. Jack backed his point by citing the fact that the aforementioned metric is currently looking as it did prior to altcoin&#8217;s strong bounce in April of 2018. <\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">Photo by&nbsp;<a href=\"https:\/\/unsplash.com\/@mrkfn?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Mark Finn<\/a>&nbsp;on&nbsp;<a href=\"https:\/\/unsplash.com\/search\/photos\/stock-market?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bears Take Over Bitcoin Price Sorry bulls, it seems that bears want to play now. In the past few hours, Bitcoin has shed $400, printing large red candles on short-term price charts as bears managed to take control of the market. While Bitcoin is still up by 4% over the past week, it seems that bears have managed to kill the uptrend that brought BTC from $9,300 to $10,900. As of the time of writing this, Bitcoin is trading at [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":56345,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800,947],"tags":[6971,83,7064],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/56344"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=56344"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/56344\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/56345"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=56344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=56344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=56344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}