Despite facing some levels of volatility over the past week, Bitcoin has now been able to find some stability and is hovering right below the $8,000 level. It is important to note that BTC does face some levels of resistance in the lower-$8,000 region, as it has tried, and failed, on multiple occasions to climb above this region.<\/p>\n
Although Bitcoin is clearly in the middle of an uptrend<\/a>, it is important to note that there is a large chance that a drawback is imminent, and one analyst believes that there may be a 30%+ drop in the near future.<\/p>\n At the time of writing, Bitcoin<\/a> is trading up 0.6% at its current price of $7,970, up slightly from 24-hour lows of roughly $7,800, which were set earlier this morning when the cryptocurrency incurred some increased selling pressure.<\/p>\n It now appears that Bitcoin has formed some levels of support around $7,800, as it has bounced around this price point on multiple occasions over the past several days.<\/p>\n While looking at BTC over a one-month period, it is clear that it is currently forming a consolidation pattern around its current price levels, which may or may not be proceeded by the formation of another upwards leg.<\/p>\n Importantly, analysts do believe that Bitcoin\u2019s next stop may be at $10,000, assuming the cryptocurrency is able to further extend the upwards momentum that it has incurred over the past month.<\/p>\n Cred, a popular cryptocurrency trader on Twitter, discussed where BTC could possibly head next in a recent tweet, explaining that he is not currently bearish on the crypto, and believes that it could soon climb to roughly $10,000.<\/p>\n \u201c$BTC I believe the 3D chart presents the clearest HTF view. Established a range between two levels. I have no reason to turn bearish yet – even if this range breaks down I’ll be a buyer at mid 6000s (where we last wicked). Breakout would take us to roughly $10,000,\u201d he explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a><\/p>\n I believe the 3D chart presents the clearest HTF view.<\/p>\n Established a range between two levels.<\/p>\n I have no reason to turn bearish yet – even if this range breaks down I'll be a buyer at mid 6000s (where we last wicked).<\/p>\n Breakout would take us to roughly $10,000. pic.twitter.com\/ZoYDYK4eBf<\/a><\/p>\n — Cred (@CryptoCred) May 21, 2019<\/a><\/p><\/blockquote>\nBitcoin (BTC) Continues to Stabilize in Upper-$7,000 Region<\/strong>\u00a0<\/strong><\/h2>\n
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