In a span of 20 minutes Bitcoin [BTC] flash dropped from happily trading at $7900 down to $7625 at press time, losing nearly 3.2% in under an hour.
Ethereum [ETH], Bitcoin Cash [BCH], Ripple [XRP] and virtually the entire market got pulled down with Bitcoin with the biggest loser being Bitcoin Cash [BCH] which has lost nearly 20% over the past week.
Experts analysts and influencers have been predicting a bull run since the past month and many saying that Coindesk’s Consensus could be the potential catalyst in the next bull run. Thomas Lee has been the biggest public advocate and brand ambassador of the next “bull run”
With the current drop, many argue the potential of Bitcoin breaking below $7500 and heading down to $6900, its previously held strong position.
Dheeraj Ravindran a Bitcoin trader says,
“Data from multiple exchanges show huge buying volumes present below the $7500 price point, it is highly unlikely Bitcoin would break that unless a whale probably sold all his coins which could then push the prices down much lower than we are all prepared to take in”
This current drop has baffled many investors like Luke Thomas who believes there is no media hype around this to push prices down so much.
“I’m really surprised by the way it is dropping, this is what you expect when the old Mr. Warren Buffet says something negative, maybe a whale just dumped all his portfolio. Ahh, when will this end?”
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