Crypto pundits are giving the Bitcoin price prediction that the price can fall down to the seven thousand five hundred dollars ($7500) or lower.
Bitcoin underwent quick recovery from the low prices of 2018 through a huge rally of bulls. During this phase, Bitcoin’s price rose from around three thousand eight hundred dollars ($3,800) to thirteen thousand eight hundred and seventy-nine dollars ($13,879). However, Bitcoin could not maintain support at that region and price fell shortly afterward.
Although the long-term charts remain bullish as the price rose from and thirty-eight hundred dollars ($3,800) to around ninety-five hundred dollars ($9,500) where it is currently hovering.
Bitcoin has been struggling for the past several weeks to breakthrough and continue to its previous bullish rally but has not been able to create any significant positive effect.
Now the price of Bitcoin is expected to fall even lower as the number of unsuccessful attempts made at crossing the ten thousand dollars ($10,000) mark definitely points towards a bearish outcome.
The price has tried thrice to maintain support above ten thousand dollars but failed each time and now the price is expected to fall towards seventy-five hundred dollars ($7500).
We've now had 3 failed attempts to stay above $10,000.
Odds are in favor of a drop to $7,500. The only thing that can stop this is #Tether money printing.
— Elixium (@ElixiumCrypto) July 27, 2019
Although the price of Bitcoin is expected to fall below it will only be a temporary phase before the price begins to rise higher.
One factor that may stop the price from falling that low is the Tether money printing service. However, Tether is not the most credible business as it has been accused of being involved in various shady dealings including manipulating Bitcoin’s price and an eight-fifty million dollars ($850 M) cover-up at Bitfinex.
Nonetheless, it is an important factor in aiding Bitcoin’s bullish price action as a few months ago it helped Bitcoin rise above the six-thousand dollars ($6000) mark.
Tether minting of around three hundred million dollars ($300 M) helped Bitcoin’s price reach nine-thousand dollars ($9000) mark.
Similarly, when Tether removed stablecoin worth around three hundred million ($300 M) in October 2018, the price of Bitcoin also fell by half.
The price volatility, however, is giving ways to predictions bleaker than the other, therefore, most traders are sitting tight on their investments in the hope of sunshine.