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Bitcoin Price Analysis: BTCUSD could break below $4000 over the coming days

FX Street
Published date:
  • Bitcoin price behavior suggests a breach of $4000 could be right around the corner.
  • Morgan Creek Digital founder says current price drops will cause businesses to close shop.

 

The Bitcoin price was down around 1% towards the latter stages of trading on Friday. Moving within a consolidation nature, ahead of a further committed potential move lower. The next major downside target is eyed at $4000 to be breached by the bears.

BTC/USD continues to trade around the lowest levels seen since October 2017. Given the current low levels, there was some interesting commentary earlier in the week from Morgan Creek Digital founder Anthony Pompliano.

He noted, how these dramatic price drops cumulatively damage cryptocurrency businesses. Further believing that significant price drawdowns like that of seen this year, could result in crypto hedge funds closing shop soon.

See latest technical BTC/USD write up.

BTC/USD 4-hour chart

 

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