Yesterday, Bitcoin saw a drastic drop after going above $9000 in a very short time. The drastic drop which finally stopped at $8200 baffled the cryptocurrency community. Observers agreed that Bitcoin’s fall was a result of panic sell off amounting to $20 billion.

What Today’s Gazette gathered yesterday was that Bitcoin touched 9010 USDT on Binance before an immediate dump back to 8600 USDT level.

Bull Run Not Over, But Bitcoin Can Touch $7K

A YouTuber by the name Carl who anchors The Moon, a video podcast centred on cryptocurrency, analysed the 12% downward movement, saying it could be a rising wedge.

He added, the fact that Bitcoin got this big whiff to the upside before dumping down again might possibly be a sign that its is topping out.

Carl said if the major support zone $8100 holds then it is easy to surmise that the bull trend is not dead yet. He said the bulls are presently being threatened directly by around the $8100 support level.

If Bitcoin breaks the support level, then there’s no doubt that it will come down to its $7000 or $7050 target.

Alanmasters Saw Bitcoin at $8,210 Before Going to $9,999

On May 28, Alan Master, a top Trading View cryptocurrency analyst, foresaw that Bitcoin could touch $7200 before it finally returns to $9999. While Alanmasters did not delve so much into this, he pointed that Bitcoin is starting to retrace back to $7200.

His signs of retrace at that time are:

Moving below EMA10.

Bearish divergence on the MACD and RSI.

MACD Bearish

At that time, he said if Bitcoin moved up and closed above the last peak $8947, his above signals are invalidated.

Bitcoin in the Market

Bitcoin is trading around $8312 after losing around 12% in a short time. The digital asset has a market cap of $147 billion, 24h volume of $28 billion with 4% loss in the last 24h.