Bitcoin Price Slips Below $10,000. Is This a Bear Trap?

A prominent cryptocurrency trading expert believes that you shouldn’t be bothered by this minor drop

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After testing the waters in the sub-$10,000 region, Bitcoin failed to stage a breakout. According to CoinMarketCap data, its price is once again in the four-digit territory at $9,753.15.

This three percent drop could signal more pain for the bulls given that the BTC price plunged below its weekly resistance level. Hence, Bitcoin trading at the $8,000 level is now not that far-fetched scenario.

However, according to trading expert ‘The Crypto Dog,’ this downturn could only be a ‘distraction’ before skyrocketing all the way to $11,500.

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.