Trouble for Bitcoin? If it corrects below $7,500, we might see $6,700

16 May, 2019
by Joeri Cant
Bitcoin
Trouble for Bitcoin? If it corrects below $7,500, we might see $6,700

The chief information officer at US-based Redacted Capital, Nick Cote, took to Twitter to point out that Bitcoin might become bearish again if it fails to hold above the $7,500 price mark.

According to the prominent crypto analyst, Nick Cote, it might become a difficult time for the world's number one cryptocurrency, if it fails to hold above the $7,500 price mark.

The analyst added that BTC dropping below $7,500 could very well turn the cryptocurrency market in favor of the bears.

Just a few hours after the chief information officer at US-based Redacted Capital, predicted a dip towards $7,500, the BTC price hit a lower low towards $7,748.72.

'So far so good' tweeted the crypto trader, further pointing out that if BTC manages to hold at 7,500, this would indicate more upward price movements.

'But below, yikes', he continued.

Bitcoin is correcting from a yearly high of $8,388, and is currently trading at around $7,858, showing a -3.5% loss on the day.

BTC/USD chart provided by Tradingview

In the comments Cote adds that he expects the Bitcoin price to continue its drop towards $6,700 if it drops below $7,500. 

Do you think we could see BTC drop towards $6,700? Let us know in the poll below.

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Read more about: Bitcoin (BTC)

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