Bitcoin’s move below support of $7,800 after a month of consolidation gave bears and critics ammunition to cheer. Some are even claiming that the king of cryptocurrencies is dead just in time for the spooky season.
Bitcoin haters can make all the noise they want but the number one cryptocurrency is not going anywhere. It might go on another selloff but it will eventually regain its bullish composure. One crypto trader believes that bitcoin is likely to face one more leg down before it finally reverses its trend.
On Sept. 25, trader Max, AKA Ethereum Jack, took to Twitter to share his medium-term analysis on the dominant cryptocurrency. At the time, bitcoin was trading above $8,400. The trader and market analyst wrote that if the cryptocurrency was to resume its uptrend, it must recover $9,200. Otherwise, it might plunge all the way down to support of $6,250.