After a long period of facing downwards pressure, Bitcoin\u2019s bulls finally caved in to the selling pressure, which sent BTC reeling into the $10,000 region. This drop sent the aggregated crypto markets plummeting lower, which may spell significant trouble for the year ahead.<\/p>\n
Now, analysts are noting that Bitcoin is highly likely to extend this downwards pressure further in the coming weeks and months, which could result in a drop back into the four-figure price region.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 9% at its current price<\/a> of $10,420, which is down significantly from its daily highs of roughly $11,500, which were set yesterday.<\/p>\n This recent drop marks an extension of the downwards pressure that BTC first incurred when it swiftly rose to $13,800 in late-June, which subsequently led to a massive drop that halted the upwards momentum the markets had incurred for the past several months.<\/p>\n Since this drop, Bitcoin has found strong support in the upper-$9,000 region, and analysts are noting that it will likely continue to drop until it reaches this price level again.<\/p>\n Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that it is critical BTC holds strong above $10,577 today, or else a drop towards $9,000 is imminent.<\/p>\n \u201c$BTC – the [bears] woke up from hibernation and are pushing the price down to major support area. Really need to see it close above $10,577 level or my next target will be in the low to mid $9ks at a weekly support level. Bulls have until 11:59PM UTC for daily\/weekly close,\u201d he said.<\/p><\/blockquote>\n https:\/\/twitter.com\/Josh_Rager\/status\/69728258<\/p>\n Although it does seem as though this downtrend is simply a flash in the pan before Bitcoin continues its upwards ascent back towards its previously-established all-time-highs, one analyst is noting that it is highly likely this trend persists for the rest of 2019.<\/p>\n Dave The Wave, a popular cryptocurrency analyst on Twitter, spoke about this possibility<\/a> in a recent tweet, saying:<\/p>\n \u201cA lower low, and under 10K, could very well see a major trend change. Six months spiking… possibly the rest of the year correcting. But on the positive side, the bottom looks in. Support: Growth curve, mean curve, medium and long term averages.\u201d<\/p><\/blockquote>\n A lower low, and under 10K, could very well see a major trend change. Six months spiking… possibly the rest of the year correcting. But on the positive side, the bottom looks in.<\/p>\n Support: Growth curve, mean curve, medium and long term averages. pic.twitter.com\/kRUsu8Lx88<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) July 14, 2019<\/a><\/p><\/blockquote>\nWill Downtrend Persist Throughout the Rest of 2019?<\/strong><\/h2>\n
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