Luke Martin, a recognized cryptocurrency trader and analyst, explained that there is no need to worry about Bitcoin (BTC) falling below $7,700. In the last few days, Bitcoin has been traded in an upward trend that allowed many users to become bullish once again about the future of this cryptocurrency.
Could Bitcoin Fall Below $7,700?
Cryptocurrency analysts are discussing whether it is possible for Bitcoin to fall below $7,700 an important price level for the cryptocurrency that worked as support and resistance for the most popular digital asset in the last few days.
In a recent conversation through the social media Twitter. Michael Novogratz informed that he added some BTC at around $7700 and said to Luke Martin that this could be something that should worry him.
Luke Martin answered saying that there is no need to worry. Moreover, he mentioned that if Bitcoin falls below that level, then the best thing to do is to start buying again as it happened in the last days.
Mr. Martin shared a chart in which it is possible to see how Bitcoin was traded below $7,700 during the last month and how the zone between $7,500 and $7,700 acted as a massive wall for Bitcoin’s price to move higher.
All eyes on the $BTC retest.
If this support can hold & price closes above 7600 today, then I want to be using this dip as a buying opportunity.
Invalidated on close below the zone. pic.twitter.com/ZK6s93okqU
— Luke Martin (@VentureCoinist) January 10, 2020
At the time of writing this article, Bitcoin is being traded around $8,065 and it has a market capitalization of $146 billion. In the last 24 hours, the virtual currency grew by 2% while other altcoins seem to be waking up.
CoinMarketCap shows that Ethereum (ETH) is expanding 3.88%, followed by XRP with a price increase of 3.27%, Bitcoin Cash 9.92% and finally Litecoin with 9.65%. Among the top 10, Bitcoin SV massively surged 27.04%, while Binance Coin (BNB), EOS and Monero (XMR) grew 3.75%, 7.74% and 0.05%, respectively.
Bitcoin is now far from $7,700 and Novogratz has clearly benefited after buying Bitcoin at a level close to $7,700. The first days of 2020 are passing and the market is still waiting for the upcoming halving event that is expected to affect Bitcoin in May 2020. With this halving, rewards for miners will get reduced from 12.5 BTC per block to 6.25 BTC per block, which many consider it could be bullish for the future of Bitcoin.