Bitcoin has been experiencing obvious downtrend on 24 hours basis. The largest digital currency by market cap continues to struggle to maintain previous uptrend rally, and it has so far recorded the lowest performance among the top 10 cryptocurrencies.
On this regard, we look into what could initiate BTC’s recent price retraction in favour of Bitcoin Cash (BCH) and Bitcoin SV (BSV), which have been the top gainers among the 10 largest cryptocurrencies, coupled with the possibility of price recovery or further downtrend.
Bitcoin has quite been displaying signals for price retraction few days ago, BTC earlier traded at $11,500 level, while many pundits hoped for the king of cryptos to retest $12,000 resistance level.
However, its price trend has not indicated further price bullish move, as it continues to depreciate. BTC has so far lost a number of vital support levels, and crypto analysts have since been weighing the possibility of further downtrends.
Digital currencies such as Bitcoin SV (BSV) and Bitcoin Cash (BCH) have obviously outplaced Bitcoin in terms of performance over the last 24 hours with a rare price trend.
Bitcoin is still struggling to hold $10,200 support level. Further price plummet is probable if the cryptocurrency loses its hold on the most important supports. At the time of filing this report, BTC is trading at $10,208, with relatively over 6 percent price drop in the last 24 hours.
Bitcoin had at a point recorded about 8% price plummet, while top digital currencies like Ethereum (ETH), XRP, Bitcoin Cash (BCH), and others remained unaffected by the sudden grip of bears on BTC. This recent trend actually negates the usual.
Possible Reason behind Bitcoin Dropping Price
As aforementioned, Bitcoin lost about 8% of its price few hours ago. Unlike the precious price reactions in the crypto market, other cryptocurrencies especially the top 10s failed to replicate the trend.
As envisaged by some crypto pundits and analysts, this could be attributed to the past price uptrends which were solely experienced by Bitcoin, while other cryptocurrencies clearly lagged behind.
Now could be the turn of Altcoins to drastically reduce the market dominance of Bitcoin, provided BTC price persists in this recent downtrend.
Could there be Further Downtrend for Bitcoin?
According to the sentiment of a crypto analyst identified on Twitter as Mitoshi Kaku, there is possibility of more significant price downtrend for Bitcoin.
On his 1 Week chart captioned, he pointed at two main support levels that could land Bitcoin in $8,600 price region if lost.
He said “On the macro level (1W) I’m looking at two main levels $10.6 and $10.1 — Loose those levels and $8.6K is almost guaranteed imo!”
— Mitoshi Kaku 👨🏻🚀 (@CryptoSays) August 13, 2019
Conclusively, Bitcoin has already lost $10,600 support, so there are chances of further price nosedive, considering Kaku’s price analysis.
Author: Solomon Odunayo