Bitcoin (BTC) fell below $8,000 on November 21st after several days of price pressure finally pushed the crypto currency below an important support level.
According to Coin360 data, BTC/USD is back in the 7,000 range on Thursday, marking its lowest level since last October. After a fall to 7,880 US dollars, Bitcoin initially recovered to 7,940 US dollars.
Support at 7,500 US dollars and 6,500 US dollars in sight
Analysts had widely predicted the downward trend. Cointelegraph expert Michaël van de Poppe sees 7,400 US dollars as a realistic new support zone for Bitcoin. Cointelegrap analyst filfilb, on the other hand, believes that significantly lower prices are possible, such as the break-even price of USD 6,500 for Miner if the negative sentiment continues. The 100-week average (WMA) at 7,520 US dollars could provide support for this. As Cointelegraph reported, the $6,500 market is seen by many commentators as the lowest possible Bitcoin price under current conditions.
“I still think that the 100 WMA will hold at this stage, but if not, I am at 6,500 U.S. dollars all-in,” said filbfilb in private comments.
On Monday, statistician Willy Woo predicted that current Bitcoin pricing behavior would remain “unique” in its history compared to previous cycles. In particular, BTC/USD would approach block halving in 2020 with a bearish mood. In 2012 and 2016, halving was followed by at least six months of positive development.
Woo also predicted that volatility would remain a feature of Bitcoin in the coming months.