Bitcoin (BTC) and the rest of the cryptomarket lost considerable value last week. For example, after a period of increases, bitcoin traded close to $ 9,000 and eventually fell back to nearly $ 7,600. However, according to analysts, bitcoin can fall a lot further before it ends up in a bear market.

At the time of writing, the price of bitcoin (BTC) is $ 7,929 according to Coinmarketcap after having increased 1.16% in the last 24 hours. The total market capitalization of the crypto market is $ 254 billion and the market capitalization of bitcoin is $ 140.7 billion. This brings the bitcoin dominance to 55.4%, slightly lower than earlier this week.

Alex Krüger, an economist who focuses on analyzing cryptocurrencies , writes in a tweet that he expects the $ 6,800 to be a very important support . He bases this on “price action, moving averages (50DMA) and fibs (December lows to 2019 highs)”:

He also says that the $ 6,400 is the " bull market level". This means that according to him bitcoin will be in a bull market as long as it continues to trade above this price level. If the price falls below that, we will end up in a bear market again with possible further declines.