Bitcoin to decline around $8,000
According to market technicians, the bitcoin crash will get worse. They predicted that the price of the cryptocurrency will fall to around $8,000.
In a note to investors on Wednesday, Neil Wilson, a senior market analyst at ETX Capital said the sell-off “feels like a tipping point for bitcoin.” He added, “If the optimism really has gone, the next leg lower could conceivably take us back to the narrow (for bitcoin) range it traded Nov. 21-24, when it was bouncing around just above $8,000.”
On the other hand, Omkar Godbole, a market technician for CoinDesk, also predicted that bitcoin will fall to around $8,000.
“With the indicators still all in bearish territory, the technical charts indicate scope for a drop close to $8,000 levels,” wrote Godbole.
Bitcoin crash caused by regulatory concerns
Investors continue to sell their stakes in bitcoin and other cryptocurrencies because of the increasing regulatory scrutiny around the world. The latest sell-off was caused by the negative news from South Korea and Russia.
