Bitcoin Price Clings to $11,000 as Analysts Prepare for 40% Price Correction

 

 

Data from Coin360 shows bitcoin has lost its grip on the $11,000 mark as of press time, trading around $10,950 having gone as low as $10,680.
Conditions remain volatile this week, with last week’s peak of $13,800 still unchallenged. Now, attention is turning to a long-term retracement, which one analyst claims could bring BTC/USD down to just $6,600.
Previously, talk was of a lighter correction which would focus on the $9,500 area. Bullish forecasts for further growth also began appearing, with Fundstrat’s Tom Lee leading calls for a new all-time bitcoin price high in 2019.
Now, however, it would appear various factors have converged to put downward pressure on bitcoin. Among them, data shows the supply of stablecoin tether (USDT) has doubled this year; increased tether issuance tends to result in both bitcoin price gains and volatility.

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