Bitcoin\u2019s wild 2020 rally may currently be over extended, suggesting that the crypto could soon see a notable retrace that leads BTC to erase some of the gains it has posted over the past couple of weeks.<\/p>\n
Analysts believe that this next drop could send Bitcoin reeling back into the lower-$8,000 region before it finds any notable support.<\/p>\n
Despite the short-term bearishness that BTC may soon see, it is important to note that a visit to the $8,000 region could be just what is needed to spark a significant upwards movement, with a visit to this level potentially allowing it to begin its final ascent to all-time highs.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 2% at its current price<\/a> of $10,200, which marks a notable decline from its 24-hour highs of $10,500 that were set at the peak of yesterday\u2019s upwards grind.<\/p>\n This slight upwards momentum was closely followed by a firm rejection that led the crypto to drop all the way to $10,100, which is where it found some notable buying pressure that helped it climb back up to its current price levels.<\/p>\n In the near-term, analysts believe that a break below the support within the lower-$10,000 region is imminent, which could lead the crypto to drop into the $9,000 region in the coming several hours.<\/p>\n George, a popular cryptocurrency trader, spoke about this possibility, noting<\/a> that he believes Bitcoin\u2019s downturn will accelerate once the crypto decisively breaks below $10,200.<\/p>\n \u201cStill short. Once we break back inside [Monday] range, expect accelerated downside. Take out liquidity into 9500’s and I’d long heavily,\u201d he concisely stated.<\/p><\/blockquote>\n CryptoBirb, another well-respected cryptocurrency analyst<\/a> and trader, explained that he believes that a break below $9,600 would confirm that a mid-term correction is imminent.<\/p>\n If this break occurs, the chart seen below suggests that BTC could plunge towards $8,200 before finding enough buying pressure to spark the next notable uptrend.<\/p>\n \u201cAll in all not much time left till btc correction imo. If you get the chance to long 8250-8600. And don’t buy there then sorry, but we would have to rally to ATH without you,\u201d he explained, maintaining a bullish long-term sentiment.<\/p><\/blockquote>\n all in all not much time left till $btc<\/a> correction imo — Adrian Zdu\u0144czyk, CMT (@crypto_birb) February 13, 2020<\/a><\/p><\/blockquote>\nBTC\u2019s Next Drop Could be Far Reaching, but a Movement to All-Time Highs is Still Imminent<\/strong>\u00a0<\/strong><\/h2>\n
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if you get the chance to long 8250-8600 and don't buy there then sorry, but we would have to rally to ATH without you\ud83d\udc4b pic.twitter.com\/YWXPJhPXsz<\/a><\/p>\n