Today i.e. April 10, it has been reported that the price of Bitcoin has gone below $7,000. It has gone below $7,000 because the price has decreased by approx $200 in just a few minutes. This decline has been seen for the first time in the past four days.
It has been reported by different sources that the price has gone below $400 this week as bitcoin was trading between $7,100 to $7,410. After this sudden drop, it could be seen that bitcoin is currently trading around $6,960.
Bitcoin price might go down to $6.3k
For quite some time, a lot of traders and analysts have been predicting that this rise in bitcoin will be for some time only. This sudden decrease in bitcoin price has shown that this prediction might be true.
One of the crypto traders named Michael Van De Poppe has tweeted that the price might go down to $6.3k next. According to his prediction, there might be a serious decline in bitcoin price in the near future. He has also specified that if the $6,900 mark will be lost then it will soon go down to $6,300 which is quite stressing.
Remaining with this view.
We might be getting a liquidity tap towards $7,500-7,700 area, after which I’m expecting a sharp decline.
If we lose $6,900 area though, I’m assuming we’re going straight towards $6,300.
Have a wonderful Easter everyone! pic.twitter.com/Xkuhnx9P3z
— Crypto Michaël (@CryptoMichNL) April 9, 2020
Crypto market in extreme fear
Ever since the market crash, the crypto market along with other financial markets has gone down to very low. The Fear and Greed index which shows the condition of the crypto market has indicated that it is still under extreme fear. This index is showing a reading of 15 which clearly means extreme fear.
If this could be compared to stock market then it is also not doing well as it is at 43 which means fear. The market capitalization has also gone below by $200 billion which is too much. The whole financial market is going through a very bad phase and is recording extreme low since the market crash.
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