Prominent trader suggests Bitcoin could see a correction to below $10,000

14 Jul, 2019
by Richard Allen
Price Analysis
Prominent trader suggests Bitcoin could see a correction to below $10,000

Bitcoin has seen quite a sharp decline since June 27, dropping from almost $14,000 to where it currently stands at $10,733.75. despite its correction, the coin is still up around 210% year-to-date, becoming one of the best-performing assets in the global market. However, popular trader Josh rager has suggested that if BTC fails to recover beyond the mid-$10,000 regions, a pullback to $9,000 becomes increasingly likely.

Considering Bitcoin has been performing admirably, climbing from $4,000 to almost $14,000 in the space of a few short months, a large retracement isn’t entirely impossible.

However, while rager’s tweet may suggest some more bad news, many traders have emphasized that Bitcoin is still looking bullish in the medium to long term. This is predominantly a result of the upcoming launch of Bakkt as well as Bitcoin’s halving event scheduled for May next year.

A recent report by Binance Research has suggested that the “shock” of a halving event may be mitigated by merged mining, which uses Auxiliary Proof of Work (AuxPoW) to allow smaller blockchains to do the work of one larger blockchain.

Chepicap recently reported that blockchain analysis has revealed that Bitcoin’s hash rate has set a new all-time high of 74.5 TH/s on July 4, breaking its previous record set just the week before.

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Read more about: Bitcoin (BTC)

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