Over the last few days, the crypto market has been a little undecided on which direction to take, with top coins like Bitcoin swinging up and down in price. A few days ago, Bitcoin touched the $9k crest before plummeting all the way down to $7,718.
This baffling change has much thought about the future of this top crypto, with some like Josh Rager taking to Twitter to dish out their opinions.
In a tweet that has since garnered a few replies. Josh had a few things to point out about the current Bitcoin market situation. He said that in the current atmosphere, Bitcoin needs to close somewhere above the $8,203 if things were to get any better.
At Risk Of Downward Price Action
According to Josh, Bitcoin risks a further dip under the $8k mark if it doesn’t shore up to close at $8,200. In fact, while replying to a comment on the thread, Josh opined that if the top crypto doesn’t show signs of upward recovery, it could end up dropping to $7k.
$BTC Bulls need to push back and close above $8203
This is a nasty candle on the daily chart
Closing below $8200 will likely lead to continual downward price action in the high $7ks for now pic.twitter.com/AE9zAgzoZK
— Josh Rager 📈 (@Josh_Rager) June 3, 2019
However, one of the commenters on the thread had a rather radical opinion on the matter arguing that Bitcoin could actually go all the way down to $6,800, although there are still no signs to indicate that the current market stagnancy could end in a serious pull-back for Bitcoin’s price.
BTC To Bump Back Up
As much as Bitcoin has been dilly-dallying between $8,000 and $8,700 for much of the past few days, it’s pretty certain that the number crypto still retains the bullish drive that pulled it out of the long crypto winter just a few weeks back.
That said, it’s generally agreed that although Bitcoin may face a short-term resistance as it struggles to break above the $8k support level, it’s still possible that it could close the year on a high note. At the moment, Bitcoin trades at around $8,003, with a current total market cap of $141.86 billion and a daily trading volume totaling $23 billion.