Bitcoin has been incurring increased levels of volatility as of late, which may be partially due to the newly formed inverse correlation between BTC and altcoins. As of late, most major altcoins have been facing strong selling pressure due to Bitcoin’s recent rally, but they appear to get some relief each time it drops.
Importantly, embattled altcoins may soon be able to get some relief, as multiple analysts are now noting that they are targeting the $10,000 region in the near-future for Bitcoin.
Bitcoin Stabilizes in Lower $11,000 Region, But Further Losses Are Likely
At the time of writing, Bitcoin is trading down marginally at its current price of $11,400, which is down slightly from its 24-hour highs of nearly $11,500.
Earlier this week, BTC faced a sharp bout of selling pressure after tapping the $12,000 region, which has proved on multiple occasions over the past several weeks to be a strong level of resistance that has so far been insurmountable.
Importantly, the sell-off that came about after BTC was rejected at $12,000 may have caused some technical damage for the crypto, as analysts are now noting that it is likely to drop lower in the near-future.
The Cryptomist, a popular crypto analyst on Twitter, spoke about this is in a recent tweet, explaining that she expects it to close lower by the end of the day.
“$BTC: Bulls need a close above 11360 which I will be surprised to see. Weekly pennant present with support at 10060 region. Potential rising wedge present on smaller time frames. I suspect a drop before close today,” she explained.
Bulls need a close above 11360 which I will be surprised to see
Weekly pennant present with support at 10060 region
Potential rising wedge present on smaller time framesI suspect a drop before close today
Trade safe loveys pic.twitter.com/cY9ps0uDAv
— The Cryptomist (@TheCryptomist) August 11, 2019
Could BTC Target The Upper-$9,000 Region Next?
Other analysts concur with The Cryptomist’s assessment of Bitcoin, as Murad Mahmudov, another popular analyst, recently shared his thoughts on the crypto, explaining that he believes it could retrace as low as the upper-$9,000 region in the near-future.
“Two blue circles are buy the dip areas of interest for me with the higher one being more likely imo,” he explained in a recent tweet.
Two blue circles are buy the dip areas of interest for me with the higher one being more likely imo pic.twitter.com/Ei8dAM8Jag
— Murad Mahmudov
(@MustStopMurad) August 10, 2019
Although it does look like a strong possibility that Bitcoin drops lower in the coming days, this drop may prove to be a positive thing for the aggregated crypto markets, as it may allow altcoins to experience a relief rally.
Featured image from Shutterstock.
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