Bitcoin, which experienced a serious decrease with the start of September, has now seen the waters of $ 9,800. With this drop, the BTC / USD parity fell below $ 10 thousand and saw the bottom of the last 6 weeks.
The depreciation of the dollar with the policies implemented by the Fed and the American government was very useful for Bitcoin in the first half of 2020. Black clouds began to circulate on the leader coin, which managed to increase its value by more than 200% in about 5 months, with the arrival of September. While most experts predict a wind blowing in favor of the bears for Bitcoin, the BTC price fell to the $ 9,800 band today. With this value recorded, Bitcoin in dollar terms fell to the bottom of 6 weeks. The long-term plans for BTC, which recovered shortly after seeing this value and returned to its place at $ 10,100, are still positive.
Why Was It Under 10 Thousand Dollars?
Most experts predicted that the Bitcoin price could drop below $ 10 thousand in the coming days, with the statements they made at the beginning of the week. It is among the general judgments that there are 2 main reasons for the BTC price falling below the $ 10,000 level. One of these is the progressively better performance of the dollar. The effects of the pandemic hit the dollar, and people’s interest in Bitcoin, which they saw as a safe haven, increased. But the dollar has shown a bullish trend, a situation that reinforces the decline on the BTC front.
Another important reason is the CME gap that occurred in July. It is known that Bitcoin tends to fill this gap by 90%. This time around, the CME gap was observed at around $ 9,600. Experts predict that if Bitcoin falls below the $ 10 thousand threshold, it will decline in this direction.
Will it rise in the Long Term?
Although the general opinion currently predicts a move towards filling the CME gap, experts suggest that in the long run, Bitcoin will recover and continue its upward trend. Most market analysts say that such declines draw a healthy scenario; He thinks the bitcoin price will rise again on solid fundamentals.
Three Arrows Capital CEO Su Zhu tweeted that, given the resistance of Bitcoin from falling below $ 10,000, the goal of $ 100,000 in the long term is quite possible. Analyst Willy Woo made a statement on social media, stating that he observed a positive atmosphere for the Bitcoin market in general.
As Willy Woo emphasized, it is observed that those who want to invest during the fall of BTC tend to buy Bitcoin by taking advantage of this situation. According to the data in Glassnode, the number of active addresses that make BTC transactions has increased by 2%. This indicates that in general, people still believe that Bitcoin will be valued in the long term.