The king of cryptocurrency Bitcoin (BTC) is being the king once again and seems to be acting at will. Bitcoin price analysis, by major analysists, reveals an imminent bearish drop to nine thousand dollars ($9000) price range.
On the 6th of September, BTC price had hit the highest point when it went over the ten thousand and nine hundred dollars ($10,900) mark.
However, that didn’t last long, and it quickly fell back down within six hours to the low point of ten thousand two hundred and twenty dollars ($10,220) by the time the day ended.
At the time of writing, BTC price has leveled back up to the ten thousand three hundred and fifty-one dollars ($10,351) mark. However, the Bitcoin price analysis by two different analysts on Trading View reveals that the king of cryptocurrency is in for a head-on crash below the nine thousand dollars ($9000) mark.
Bitcoin price analysis showing a hard crash
Famed cryptocurrency analyst BitFink shows that the cryptocurrency is heading into a nose-down triangle towards the nine thousand eight hundred and thirty-one dollars ($9,831) mark.
Although the analyst chose not to put it on a timeline, by the looks of it on the chart, it is imminent to happen within seven (7) days.
The shart shows that the trembling point lies below the ten thousand and three hundred dollars ($10300) mark, while the support line is near the nine thousand and four hundred dollars ($9400) mark.
Can Bitcoin price fall below $9000?
Trading analytics and analysis firm Excavo has also shared a Bitcoin price analysis chart with its followers on Trading View.
Although the chart carries what is considered a marketing call-to-action in the description, the chart shows a rather grimmer picture in play for the king of cryptocurrency.
The Excavo chart shows the current support line standing at the ten thousand two hundred and sixty-nine dollars ($10269), but that is just the tip of the iceberg.
The chart also shows that the BTC price is in for an imminent crash. However, it would take longer than seven (7) days to drop below the nine thousand dollars ($9000) mark.
According to the Excavo chart, by November 2019, Bitcoin price would be trading somewhere between six thousand dollars ($6000) and nine thousand dollars ($9000).
Bitcoin is quickly gaining more support in the wake of Hong Kong protests and Twitter chief Jack Dorsey endorsing his love for the king but the price action remains volatile keeping traders either away from it or in a state of lockdown.