Bitcoin Falls Below $9,000, What’s Next?

On May 4th, Bitcoin declined slightly from the previous day, recording around $8,700 at various exchanges including Upbit, Binance, BitMEX and Bithumb. Nevertheless, it is relatively stable these days with only insignificant fluctuations.

In the past 7 days, Bitcoin has been making profits, rising nearly 20%. However, analysts including ByzGeneral warned that Bitcoin could find odd technological signals and turn it into a bear market, with a record low of $3,700.

BTC/USD price analysis

All the top 30 altcoins opened the week in red except Tether and UNUS SED LEO. Only 9 out of 100 top altcoins are changing hands in green and this shows a bearish start of the week in the cryptocurrency market.

BTC/USD is trading in red at around $8,723 (-3.75%) with a market cap of $160.1 bln and volume of $46.9 bln. Bitcoin’s dominance is now at 66.1%. The total market capitalisation is standing at approx. $241.146 bln and volume (24h) is at $162.132 bln, according to CoinMarketCap.

According to US economics magazine Forbes, Simon Peters, an analyst at UK-based asset trading platform eToro, is optimistic that the value of BTC will continue to move with a positive trajectory. Bitcoin long-term miners and new users, the weakening of the US dollar, and concerns about inflation will be able to easily beat the past high of $19k by acting as a favourable factor in the surge of Bitcoin prices.