Bitcoin prices dip as top crypto sheds over 2.7 percent of its value to slide below $8,500. The drop in the price of BTC also mirrors a broad decline in the altcoin market on Thursday, January 23.
According to a crypto price data live feed by Coin360, nearly all cryptocurrencies are on a downtrend.
Bitcoin has posted less than bullish signals over the first weeks of 2020, but a price forecast tool shows that BTC/USD is on track for key upsides medium term.
BTC slides below $8,500
The bitcoin price touched a high of $8,668 on January 22, but has traded in a lower overnight and dipped to $8,410 this morning.
At the time of writing, BTC/USD is trading at $8,415 (11:00GMT+3) having lost 2.74% of its value over the past 24 hours. On the hourly chart, BTC/USD dropped to a low of $8,423 at 6:50 GMT+3 before an upside took it back above the $8.5k mark to reach $8,596.
The dip in Bitcoin price takes the coin’s value to levels recorded on January 20 and the lowest it has dropped in seven days. The BTC/USD pair has been range-bound for large parts of the month, with recent dips not breaching the $8.5k level.
Bitcoin had briefly touched a monthly high of $9,163 on January 19, before quickly retracing to prices just above $8,600 within hours.
Bitcoin price forecast
Data by price forecasting platform Digitalik shows that Bitcoin (BTC) price in around $8,400 aligns with predictions that put it a low of $8,268.
The platform uses the Stock-to-Flow model to provide Bitcoin price forecasts modeled on two factors: stock (bitcoins in circulation) and flow (amount of new BTC injected into the market).
The model has its fair share of critics, but to its credit, the tool has so far provided a relatively accurate charting of Bitcoin’s price growth. Bitcoin could see further downsides to hit the forecast price of just above $8,200.
But BTC/USD price action might result in an uptrend to see the pair rebounds to levels above its 7-day price range.
Altcoin market prices slide
The altcoins market has also seen dips similar to Bitcoin’s over the past 24 hours. At press time, Ether (ETH) traded 3.33% lower t $163.42; XRP $0.22 (-3.56%); BCH $337 (-2.73%) and LTC $56.3 (-2.96%).
The biggest losers on the day so far are Bitcoin SV (BSV) $286 and Dash (DASH) $102. The two coins have lost 9% and 6% of their value respectively.