Analyst Explains Why The Fall in the Price of Bitcoin and Altcoins is a Good Thing For the Industry

Bitcoin News Today – If you’ve been paying attention, you’d know that the price of Bitcoin and altcoins have taken a hit with the flagship cryptocurrency falling below the $10,600 level and the altcoins bleeding back into 2017 levels. While everyone was expecting that the bleeding will stop this morning, the prices continued to fall against the USD. Short-term traders are selling off to protect their CAPITAL, but a well known cryptocurrency analyst, Josh Rager, has suggested that the falling price of Bitcoin BTC is a good thing for the cryptocurrency market.

Bitcoin News Today – Cryptocurrency News Today – Bitcoin’s Downtrend is a Gift

Josh Rager, who has over 50k followers on Twitter is well-known for his accurate price predictions and analysis. Taking to Twitter, he said that the fall in the price of Bitcoin back to the $10k levels is a gift to the cryptocurrency market. In his words;

“Said it once and will say it again 4 digit Bitcoin is a gift. Whether it hits $9ks or even $8ks.”

Well, he isn’t the only one who is maintaining a bullish stance on Bitcoin. Many other Bitcoin bulls are certain that the downtrend is providing buyers with the perfect opportunity to buy the dip. It’s not difficult to believe this theory when you consider the price action of Bitcoin so far. Last year, Bitcoin moved to its all time high near the $20,000 level. This was followed by a decline throughout the year until it got to the $3200 level.

Bitcoin (BTC) Price Today – BTC / USD

Name Price
bitcoin
Bitcoin
$10,693.000.395%

Anyone who bought Bitcoin at the $3200 level would have made more than 250% gains when the price of the cryptocurrency touched the $13,800 level last month. So, even if the price of Bitcoin is currently within the $10k level, it is still well above the opening level of 2019. Many bulls see price declines as the perfect buying opportunity.

Bitcoin Price Prediction 2019 – Bitcoin Price Forecast – Bitcoin News Today – Current Price Of Bitcoin

At the time of writing, the price of Bitcoin was $10,591.67. This means that it is up by 0.03% against the USD. The trading volume over a 24 hour period is $25,462,809,526 and the market capitalization is $188,733,836,398.

The downtrend of Bitcoin took the price of the cryptocurrency below the 50-day moving average and this is currently a solid support. If Bitcoin continues to fall, it will move to the next support at $8,000. This would be followed by another strong support at $6000. However, a drop to this level is unlikely.

As the price of Bitcoin fell, altcoins followed and more than $35 billion was removed from the total market capitalization of cryptocurrencies. At the time of writing, the total market capitalization was $289 billion while the total trading volume was $83 billion. Right now, there is no way to determine if the price will surge above the $11k level again near-term. The only thing traders can do is wait and see. However, if the Bitcoin bulls are right, the next rally might take the price of BTC above the $14,000 level.

What do you think about the Bitcoin price prediction 2019 in our Bitcoin news today? Is the downtrend a buy signal? Share your thoughts in the comment section below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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