On Friday, the Bitcoin (BTC) market took a turn for the worst. The leading cryptocurrency, as reported by this outlet, tanked from $9,250 to $8,700 in a number of hours, with bulls running out of steam.
While the bearish pressure has stopped, with Bitcoin finding some support at $8,850 as the short-term downtrend has ended, analysts have asserted that the cryptocurrency market remains on thin ice. They claim that it may only be a matter of time before bears push the crypto to the low-$8,000s, and maybe even lower.
Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Market Explodes, Huawei CEO Skeptical of Blockchain, FBI Wary of Cryptocurrency Bitcoin May Slip Further, Analysts Warn
Popular Twitter analyst Neko recently observed that Bitcoin’s short-term four-hour candle chart remains rather bearish. In a recent tweet, he remarked that Bitcoin’s “bullish volume looks extremely weak” and that BTC has broken crucial support at $9,000, implying a drop further. He added that with Mondays typically being “bloody,” a drop to the $8,000 region is entirely possible.
$BTC H4- Short Term
Still not liking the price action with $XBT.
– Bullish volume looks extremely weak, I expect a drop down still
– Bloody Mondays are typical,