Bitcoin and the aggregated crypto market incurred a sudden influx of buying pressure late-yesterday that allowed most major cryptocurrencies to post some decent gains, although these were largely erased overnight as BTC dropped back down towards $10,400.<\/p>\n
Bitcoin\u2019s consistent ability to post strong bounces with each visit into the $9,000 region certainly provides some justification for a bullish outlook on the cryptocurrency, but one analyst is now pointing to the existence of a large falling wedge, which may mean that BTC will drop as low as $7,400 before positing a sustainable rally.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up nominally at its current price<\/a> of $10,440, which marks a slight rise from its 24-hour lows of below $10,400, but also marks a minor pullback from its daily highs of nearly $10,600.<\/p>\n This daily high was set when the aggregated crypto market began incurring upwards momentum throughout yesterday afternoon, which led multiple altcoins to surge as much as 10%.<\/p>\n Earlier this morning, however, Bitcoin<\/a> surrendered these gains, signaling that there is not currently enough buying pressure to justify any type of significant upwards movement.<\/p>\n With this being said, it is highly likely that BTC is currently caught within a bout of consolidation, which may extend significantly further unless there is some catalyst that can spark the next up or down trend.<\/p>\n One potential catalyst that could spark some major momentum in the markets could be Bakkt, who is launching its physically settled Bitcoin futures platform in a couple of weeks, which is expected to open the markets to more large investment institutions.<\/p>\n Analysts are noting that Bitcoin could still fall significantly further in the near-future, as Bitcoin Jack, a popular crypto analyst on Twitter, recently noted that the crypto is currently trading within a falling wedge that could lead it as low as $7,400.<\/p>\n \u201cI think this is the most likely scenario for $BTC. Bleed our way to 7.4K in a falling wedge bottom in early November. From there we push in to breakout and throttle full force, making our way back above $10K late November or in December and set course for near ATH towards halving,\u201d he explained.<\/p><\/blockquote>\n I think this is the most likely scenario for $BTC<\/a><\/p>\n Bleed our way to 7.4K in a falling wedge bottom in early November<\/p>\n From there we push in to breakout and throttle full force, making our way back above $10K late November or in December and set course for near ATH towards halving pic.twitter.com\/j5lXXkuqYT<\/a><\/p>\n — \/\/Bitcoin \ud835\udd75ack \ud83d\udc10 (@BTC_JackSparrow) September 7, 2019<\/a><\/p><\/blockquote>\nCould a Falling Wedge Send BTC to $7,400?<\/strong><\/h2>\n
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