Bitcoin

Bitcoin Price To Drop At 2018 Bear Market Lows, Claims Analyst, Here Is His Target

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Sep 19, 2022

Reviewed by: Elena R check mark

Reviewed by: right arrow

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Since the release of the US Consumer Price Index (CPI), the world’s first cryptocurrency, Bitcoin started its downward journey and is struggling for a bull run. Meanwhile, a well-known crypto analyst and trader who is mostly known for his timely Bitcoin prediction, is expecting more troubled days for BTC.

The analyst who is known as justin bennett , informs his 108,800 fanbase over Twitter that the flagship currency is about to create a huge descending pattern which will pull back Bitcoin’s trading range towards 2018 bear market lows.

The analyst claims that since May, Bitcoin is forming a bearish graph which will see the currency dropping at $5,000 level. He also says that this is one of the worst trading levels for Bitcoin and once the $5,000 area is hit, BTC will reclaim the $12,000 range.

Bitcoin Price To Drop Near $12,000

However, Justin indicates that though he predicts a fall near the $5,000 level, in reality BTC will not see a drop towards that level. Here he refers to the percentage objective and asserts that if the percentage objective is applied against the price objective there will be a price target of $11,000 or close to $12,000.

Conversely, though Justin Bennett claims bearish momentum for the King currency, he also states that there is a possibility for a bull run this week due to shorting by traders.

As per the expert, there will be more shorting seen above $20,200 which will push BTC price towards more profit

At the time of publication, Bitcoin is changing hands at $19,190 after a plunge of 3.38% over the last 24hrs

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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