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Bitcoin May Drop to $7000: On-Chain Data Analyst

Bitcoin, the world’s top cryptocurrency is playing with the sentiments of crypto lovers and this time showing a sign of a bearish trend.

At the time of writing, BTC is hovering around $9,204 and there are chances, the price of a highly volatile crypto asset may drop between $6000 to $7000, according to Cole Garner, On-Chain data analyst.

Source: Twitter

Garner says that Bitcoin is likely to go down and this time if it goes downwards to $7000 then this would be the last dip below $10,000.

After Bitcoin block halving on May 11, 2020, the price of BTC is visibly consolidating below $9,200 level and representing a key support level there.

However, the chances are for the bearish trend for a short time and the dip is a golden opportunity for the investors.

Source: Twitter

Garner says that it is a juicy dip to buy-in for the long-run opportunity, as we are still in the bull market territory.

So far, the year 2020 has come with lots of roller coaster rides especially with the arrival of Covid-19. The visible aftermath of the pandemic on conventional financial markets and the cryptocurrency industry is worth catching the eyes.

As per the current financial fud, the economic downturn may be a thought-provoking scenario in everyone’s mind.  However, cryptocurrency analysts are working as a catalyst and spreading the positive vibes around crypto and assisting people in understating the importance of investing in the cryptocurrency industry.