Trend analyst on Tradingview, Yuriy Bishko warned that the price of bitcoin is most likely to continue to drop. Earlier this week, bitcoin dropped from $8,800 to $8,300 in the space of an hour. According to the trend analyst, bitcoin is most likely to go below $8,000 mark and trade around $7,800 before gaining upward momentum.
Bitcoin managed to make a noticeable recovery after it dropped nearly 13% in just 24 hours later last month. After trading at around $7,800 price of the leading cryptocurrency bounced back to around $8,800 before falling again. At the time of writing, BTC is trading at $8,364. A trend analyst on Tradingview predicted that bitcoin is most likely to continue to fall further.
The trend analyst believes that the price of BTC is following a particular trend that it followed from November 2018 to April of this year. He further added that the price of the leading cryptocurrency might surge to new heights, but in the short term, it is likely to follow a downward trend.
Bishko advised traders to open sell bitcoin at the range of $8,700. However, previously, several analysts had predicted that bitcoin might go as low as mid $6,000, but bitcoin has managed to sustain above $8,000 mark for the most part. Currently, most analysts seem bearish on the leading cryptocurrency.
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