Bitcoin price likely to take another plunge despite bear; experts

Bitcoin is losing its momentum and is currently not showing any signs of surging. From April to May, the Bitcoin displayed a remarkable performance, but the experts believe that the King of cryptocurrencies can take another plunge in the coming week.

Until last week, Bitcoin was trading above nine thousand dollars ($9,100) but, after that, the price has fallen down to seven thousand four hundred and fifty dollars ($7,450) that indicates about twenty percent (20%) depreciation.

CryptoBirb, an analyst, has elaborated that the price chart of Bitcoin shows that the price will decline more as it has surpassed the medium-term parabola.

Another analyst Teddy revealed that the daily price charts show that the coin is striving to cross the resistance level of eight thousand dollars ($8,000) and also to reach 21 moving average in order to gain stability.

The crucial point right now is $8,000 that would be able to determine the fate of Bitcoin. An observer and analyst Josh Rager tweeted that if the Bitcoin would not be able to cross this point and closes below this level, there will be more depreciation in the price of Bitcoin in the near future.

The analysts speculated different crucial points for the Bitcoin. Walter Wyckoff pointed out that the Bitcoin will soon fall in the range of five thousand dollars to six thousand dollars ($5,000-$6,000) if the bearish trends prevail.

Birb highlighted that the bears would prevail as long as Bitcoin is trading below eight thousand two hundred dollars ($8,200). Turr Demester speculated that the price of Bitcoin would be affected by the US-China trade war