Bitcoin price falls below $ 7,000, will the 2015 scenario repeat itself?

Bitcoin price analysis today February 23, 2019

There are worries emerging among the cryptocurrency community that a drop below $ 7,000 could cause the Bitcoin price to go further. Whether the 2015 scenario will repeat itself.

Currently, Bitcoin is trading at $ 6,910, down 4.67% in the past 24 hours, losing 6.8% from the peak of $ 7,420 of the recent rally.

Bitcoin can fall to a decisive area

Bitcoin has just failed to maintain its momentum to rise above $ 7,000 after remaining stable for 6 consecutive days. Failure to maintain the price above $ 7,000 can lead the market to lead the coin into a new retreat. It is even possible to bring the price of BTC back to 2015 and 2016.

At that time, the price of Bitcoin plunged from the peak of USD 20,000 to below USD 2,000, losing 90% of the asset value. Given the current situation, cryptocurrency analyst Walter Wykoff could not help but worry that such an event could repeat.

Analysts have called the area from $ 1,269 to $ 1,830 a "zero or hero" area. This means that if the price of Bitcoin falls in this area, there is a risk of putting the asset at risk and the price may fall to 0 USD. But this can also be a unique opportunity, equivalent to buying $ 150 Bitcoin bottom in 2015 and then the coin skyrocketed to $ 20,000.

With a speculative asset like Bitcoin, the gap between failure and reaching its great long-term potential is quite slim.

Bitcoin broke the bottom of the hammer

Another cryptocurrency analyst, Big Cheds, thinks Bitcoin is trying to regain EM 8. The trader also thinks Bitcoin is likely to recover after breaking the bottom of the hammer. It means that Bitcoin is still in an uptrend.

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According to BeInCrypto
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