Bitcoin exchange rate drops by over 5%. What's next?

1 min reading

The Bitcoin exchange rate dropped significantly over the last 24 hours. Yesterday's session on the BTC chart was closed with a loss of USD 548.30.

bitcoin blocks

Current situation on the BTC chart

There has been optimism over the past few days. The rate of this cryptocurrency moves above the level of USD 9,600, many people count on re-raising the USD 10,000 line and parabolic increases. Along the way, not everything is equally available ... When the BTC price reached 9,930 USD, there was a range of adjustment. In a few hours, the Bitcoin rate reached around USD 9,263.

Yesterday's session on BTC was closed with a loss of USD 548.30 - 5.56%. The higher Bitcoin price is close to USD 9,399. Maybe it's the daily range, the cryptocurrency has a content of 4.79% minus.

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Opinions and forecasts of analysts

Despite the decline in Bitcoin, a popular cryptocurrency analyst - Mati Greenspan informed his observers that they would transfer their funds with other coins they own to BTC. In his opinion, the altcoin season is over, so I decided to put everything on the leading cryptocurrency! This time he revealed that he was optimistic about Bitcoin's fate.

In turn, Tone Vays (former Wall Street tader) presented to BTC at a distance. In one tweet, he wrote that the price of Bitcoin may re-test $ 10,000. Our long-term forecasts, however, are not so tactical. Tone Vays expects, among others, that this cryptocurrency will return to USD 7,000 this year.

bitcoin price chart week

The situation on the Bitcoin chart was also commented by Roger Ver. This analyst covered that the BTC rate is approaching USD 8,500 because the close of yesterday's session covers below USD 9,400.

While most forecasts are analyzed, it is worth considering the fact that the cryptocurrency market operates completely differently than the traditional one. It is primarily based on investors' emotions. One move that can be used that others will start to panic in buying or selling their cryptocurrencies depending on the situation.

And when it comes to what moods are currently prevailing in the Bitcoin community, the anxiety and greed indicator indicates a little fear.