Bitcoin price drops to $10,500 as analysts predict major price correction

Bitcoin price drops to $10,500 as analysts predict major price correction.

Image source: Trijo News / Shutterstock

Teodor Stig-Matz

teodor.matz@trijo.co

One analyst even predicts bitcoin will go down to $6,600.

Bitcoin’s price has dropped over the weekend and at the beginning of the week. At the time of writing, it is just over $10,500, according to figures from Kraken.

This despite the fact that bitcoin has seen a very positive development during the year, peaking over $13,000.

Doesn’t look good

Many analysts believe that there may be a major price correction going on. One of them is crypto profile Josh Rager, Cointelegraph reports.

“Weekly close looks ugly. We could see a couple of down weeks for bitcoin”, he writes on Twitter.

Another analyst, who goes by the name Cryptokea on Twitter, believes in even lower prices. They think bitcoin can go as low as $6,600.

May be affected by tether

The reasons for the decline are not yet known. But one indicator that may give a clue is that the volumes of stablecoin tether increased. Historically, this has led to volatile prices, Cointelegraph reports.

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