Bitcoin 25.02.2020 Analysis
Leading cryptocurrency Bitcoin (BTC) has transitioned into an incredible downward process, nearly two days after it tested $ 10,000.
BTC, which has been hammered from $ 9,700 levels, has a drop approaching 3% and a unit price of $ 9,342, according to press watch. BTC's decline naturally affected the whole cryptocurrency sector, with its total market value falling to the $ 260 billion band.
How Far Will Bitcoin Fall?
So to what level Exactly Is Bitcoin going to suffer such decline? Ivan on Tech, a popular cryptocurrency analyst on YouTube, stated in his latest analysis that there is a huge gap between CME's BTC futures and the BTC price on the spot market. According to the analyst, the price of CME's BTC futures is currently hovering at $ 8,500, and the spot market price is likely to decline this far.
Ivan stated that BTC could fall as low as $ 8,500 in the near term and that there would be no rise until that gap was filled.