BTC might retest $8,700 soon, says analyst, as Bitcoin drops almost 19%

27 Jun, 2019 | Updated: 27 Jun, 2019
by Joeri Cant
Bitcoin
BTC might retest $8,700 soon, says analyst, as Bitcoin drops almost 19%

In the midst of a major correction, where the whole cryptocurrency market sees double-digit losses, a well-known crypto analyst believes that Bitcoin has further to fall and might even retest the $8,700 price mark.

The world's most popular crypto coin is continuing its free fall from its newly recorded yearly highs of yesterday, while experiencing a sharp correction as the coin is down over 19% in the last 24 hours with most of the cryptocurrency market showing similar double-digit losses.

Bitcoin is currently trading at around $10,940, showing a painful decline of almost 19%, while shaving off around $40 billion from its market cap since yesterdays high.

As a result, BTC's market cap has dropped below $200 billion, now at $195 billion.

BTC/USD chart provided by Tradingview

In the midst of this downfall, well-known crypto analyst, going by the Twitter handle, Magic Poop Canon, took to Twitter to express his believes that Bitcoin might retest the $8,700 price level soon.

'Today's candle is a massive bearish engulfing candle right now', the crypto analyst tweets. He continues by saying that in case BTC closes that way, he feels that BTC will test the 50 day EMA, which is near the $8,700 price mark.

MPC is as well the trader who previously bearishly predicted a nasty pullback for Bitcoin, which could take place by the beginning of October 2019, and bring us back to a $3,000 Bitcoin.

At this point all we can do is hope this analyst will be incorrect on both predictions.

Do you think we will see $8,700 soon? let us know in the poll below.

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Read more about: Bitcoin (BTC)

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