To say bitcoin has been volatile over the past few weeks would be a gross understatement. Earlier this month, the top crypto surged to almost $10.5K before quickly dropping to as little as $8,600. Again on Wednesday, BTC saw another large upside move as it attempted to break past $10,000.
Unfortunately, the bears are having a field day today. The bitcoin price has plunged from around $9,900 to $9,300 in a matter of hours. The crypto is valued at $9,365.00 at the time of publication.
The drop in prices has been seen across the board as the traditional markets take a tumble as well. The Dow Jones Industrial Average (Wall Street’s equity index), for instance, fell by around 1000 points on opening as investors internalized Fed’s gloomy economic outlook from yesterday.
Here is what analysts are saying could come next for the bitcoin price.
Watch Out For A Drop Lower
Quantum Economics founder Mati Greenspan set the tone on crypto Twitter, indicating clearly what’s at stake for the bitcoin price. Greenspan noted that BTC is now clinging to a key trendline as support. Should the yellow trendline he illustrates in the chart below fail to hold, Greenspan expects the price to drop to as low as $8,000.
On the flip side, he states that BTC could easily surge to $10,000 by the end of the day if and only if the bulls are able to defend the support.