There’s “Lots of Open Air” for Bitcoin Down to $7k if This Level is Lost

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Bitcoin risks a drop to the low-$7,000s as the price prepares to fall below a crucial support level as defined by the Ichimoku Cloud. Multiple analysts corroborate the sentiment that the leading crypto asset will fall towards that region in the third quarter of 2020. A long-term bull run may follow a BTC correction as it will act as the final shakeout before a macro breakout upwards. According to analysts, Bitcoin is currently on the edge of a cliff from a technical perspective. They say that if the asset slides any further than it already has from the mid-$9,000s, it risks a drop to the $7,000s. Bitcoin Is On the Verge of Falling to the $7,000s While Bitcoin’s price action may have seemed lackluster over the past few days, the asset is treading on extremely thin ice. One trader shared the chart below on July 18th, showing that the asset…

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