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Is Bitcoin bearish run back as traders hesitate?

bitcoin bearish run

After a surge that saw Bitcoin touch $12,000 last month, experts are suspecting another Bitcoin bearish run might be on the horizon.

Bitcoin made a small bullish run to test the $10,000 price level. This was coming off the back of the Bitcoin bearish run that saw it move from a trading price of $11,200 to around $10,250 in a day. 

Since then, the leading digital asset has not made any move to touch the $11,000 trading region again. It has currently made small dips this week that saw it decline below the $10,000 price mark. Meanwhile, it has touched a new selling price that has not been seen since the end of the July trading month.

Analysts unsure of Bitcoin $10,000 price in the coming weeks

The movement by the flagship digital asset has made experts rethink their analysis of the direction that Bitcoin is heading to in the future. During the price rally that occurred in the middle of August which saw Bitcoin touch $12,000, analysts and experts alike were quick to point to a good future. Some speculate that Bitcoin could touch $20,000 while some made predictions of $50,000. 

Presently, experts are currently wondering if Bitcoin will be able to hold onto a $10,000 price in the nearest weeks, owing to the current Bitcoin bearish run that has been predicted.

Analysts say Bitcoin bearish run is a healthy correction

However, major analysts have allayed fears of the Bitcoin bearish run. Most analysts state that the recent pullback is a healthy correction on the part of the leading digital asset. Another angle considers the price decline to be seen as a purge from overbuyers of the digital asset. 

This was an effect of the overbuying that was witnessed in August. This featured many people rushing to buy bitcoin when the price was above $11,000. At present, the market is being threatened by the recent CME gap which was around $9,700 last week. The CME gap is used when a crypto makes a move outside of its trading zone.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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