Bitcoin is surging higher despite weakness in the altcoin market. The coin now trades at $11,000 as of this article’s writing, in excess of 10% above the lows. BTC is outperforming altcoins, including Ethereum, which is previously underperformed. Bitcoin may not be in a full-blown bear trend anymore. Though, an analyst says that if a bearish trend is in place, the bottom could come in at $7,100. $7,100 is where there lies a confluence of pivotal technical levels. Bitcoin Could Fall as Low as $7,100 in This Analyst’s Bearish Scenario
While Bitcoin is pressing higher, not all analysts have counted out their bearish scenarios.
One cryptocurrency trader shared the chart below on September 14th. It shows that there is a scenario in which Bitcoin falls to $7,100, 35% below the current price.
The reason why this trader’s bearish scenario has $7,100 as a target is that there is a confluence of key technical levels at that point, making it