Bitcoin (BTC) and the aggregated crypto markets have been facing a bout of significantly choppy trading as of late, which has left many analysts and traders alike scratching their heads as to where the markets could go next.<\/p>\n
Although there has been a significant amount of talk surrounding BTC dropping to the upper-$8,000 region, one billionaire investor recently explained that he believes that it is unlikely that the crypto drops back towards its 2018 lows, but also noted that a drop to $8,500 would make him \u201cnervous.\u201d<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down marginally at its current price<\/a> of just above $10,000.<\/p>\n Bitcoin\u2019s bulls and bears have been locked in a tight battle as of late, with buyers attempting to stabilize the cryptocurrency\u2019s price above $10,000, while sellers have been trying to keep its price below this level.<\/p>\n This battle has resulted in the formation of a choppy trading range between roughly $9,900 and $10,100, which support at the former level and resistance at the latter level.<\/p>\n Although it currently remains unclear as to which direction<\/a> BTC is heading next, which of the aforementioned levels are broken above or below first will likely elucidate which direction the markets are heading next.<\/p>\n In the near-term, it is probable that the range will persist, and may lead to greater division between investors and analysts as to where the markets are heading next.<\/p>\n Assuming the aforementioned range breaks down and bears take control, many analysts believe that Bitcoin will ultimately move towards $8,800 in the near-future.<\/p>\n In a recent interview with CNBC\u2019s Squawk Box, billionaire investor and Bitcoin<\/a> advocate Mike Novogratz explained that a drop to the $8k region would make him nervous, but he also added that he does not believe the crypto will drop as low as $5k.<\/p>\n \u201cIf it goes below $8,500, I\u2019ll get nervous, if it goes below $6,000, I\u2019ll get real nervous,\u201d Novogratz explained after telling the host that he does not believe a movement to $5k is in the cards.<\/p><\/blockquote>\n Will #btc<\/a> ever go back to $5K? \u201cI don\u2019t think so. I think if it goes below $8,500 I'll get nervous. If it goes below $6,000 I'll get real nervous,\u201d says @Novogratz<\/a> pic.twitter.com\/oWMdGTtZYU<\/a><\/p>\n — Squawk Box (@SquawkCNBC) August 1, 2019<\/a><\/p><\/blockquote>\nBillionaire Claims Drop to $5,000 is Highly Unlikely <\/strong><\/h2>\n
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