The price of Bitcoin is likely to head to the $7,000s. But, it may be the last dip below $10,000 for BTC, says one on-chain data analyst.
The price of Bitcoin (BTC) is consolidating below $9,200, which has acted as a key support level since late May. According to Cole Garner, if BTC breaks down to the $7,000s, it may be the last dip below $10,000 in the long-term.
As Cointelegraph previously reported, analysts are cautious about Bitcoin due to four major factors. Namely, increasing selling pressure from miners, uncertainty in the stock market, consolidation at a pivotal price point, and declining volatility.
Miners selling a large amount of Bitcoin is not new, however, because they have been selling most of what they mine daily since the halving on May 11.