While the market is on the fence about Bitcoin’s next move, Josh Rager thinks that the top coin will likely drop to the $7,000 level.
On Sept. 25, Bitcoin finally faced its do-or-die moment that led to a nerve-racking 15 percent drop.
However, according to trading expert Josh Rager, the bulls will probably witness even more pain in the short-term.
Back to the pre-Libra days
According to Rager, Bitcoin is very likely to end up in the $7,000 region where the top coin by market cap was trading before the Libra hype.
This mirrors the opinion of Coindesk’s technical analyst Omkar Godbole who assumes the high-volume breakdown of the great descending triangle has turned the table in the favor of the bears.
In fact, the Bitcoin price already dipped below $8,000 for a split second during the recent sell-off that market its third biggest drop this year.
The $7,500 price tag is on the cards unless Bitcoin somehow manages to surge above $9,500, which is very improbable at this point.
Alts will see new lows
As reported by U.Today, Bitcoin Cash, EOS, Bitcoin SV dropped by more than 20 percent in sync with Bitcoin. If Bitcoin hits a snag one more time, altcoins are bound to record even bigger losses.
Thus, the top altcoins will follow in XRP’s footsteps and record their new yearly lows.