Bitcoin Suddenly Crashes to Lowest Level Since Early July. How Much Lower Can It Go?

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Alex Dovb­nya

Bit­coin has crashed to the low­est lev­el in almost two months. Here’s why 

Dis­claimer: The opin­ion expressed here is not invest­ment advice – it is pro­vid­ed for infor­ma­tion­al pur­pos­es only. It does not nec­es­sar­i­ly reflect the opin­ion of U.Today. Every invest­ment and all trad­ing involves risk, so you should always per­form your own research pri­or to mak­ing deci­sions. We do not rec­om­mend invest­ing mon­ey you can­not afford to lose.

The price of Bit­coin, the world’s largest cryp­tocur­ren­cy, has sud­den­ly crashed to an intra­day low of $19,020. 

This is the low­est lev­el that the top cryp­tocur­ren­cy has seen since July 13.

BTC
Image by tradingview.com

The sud­den bout of volatil­i­ty comes after the lead­ing cryp­tocur­ren­cy got stuck in its nar­row­est trad­ing range in two years. Last week, it trad­ed with­in a range of just 5.4%. Such peri­ods of ane­mic trad­ing are typ­i­cal­ly fol­lowed by extreme volatility.

The top cryp­tocur­ren­cy is now down 71.59% from its record high.

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All eyes on the $17,600 level 

As report­ed by U.Today, T3 Trad­ing Group’s Scott Redler recent­ly pre­dict­ed that the price of Bit­coin would plunge to $10,000 if bears man­age to push the cryp­to king below the piv­otal $17,600 sup­port level. 

Bit­coin man­aged to bot­tom out at $17,592 on the Bit­stamp exchange on June 18. 

Back in May, Scott Min­erd, glob­al chief invest­ment offi­cer at Guggen­heim Part­ners, warned that $8,000 may end up being Bit­coin’s ulti­mate bot­tom dur­ing the ongo­ing bear­ish cycle. 

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