Bitcoin Price Plunges to $7,400 & Legendary Trader Boasts It’s ‘Dying’

  • The bitcoin price crashed through another vital support level on Thursday.
  • BTC has now plunged nearly 50% from its mid-year zenith.
  • A legendary bitcoin trader says that this time, it’s “dying” for good.

The bitcoin price crashed through another vital support level on Thursday, hastening a decline that has seen the leading cryptocurrency fall nearly 50% from its yearly high.

Bitcoin has recovered from these punishing reversals before, but one legendary trader predicts that this time will be different.

Bitcoin Price Dives to 4-Week Low

bitcoin price
The bitcoin price slid to a four-week low below $7,400 on Thursday. | Source: TradingView

Though just six months ago, June 2019 must seem like a distant memory to cryptocurrency investors. Riding the wave of Libra fever, the bitcoin price spiked as high as $13,880, and some bulls thought BTC could end the year at a new all-time high.

That rally has all but evaporated in the months that followed. While bitcoin’s year-to-date gains remain fantastic, they’ve rapidly unraveled since BTC briefly reclaimed the $10,000 handle four weeks ago.

bitcoin price chart
China hype drove the bitcoin price above $10,000 in late October. One month later, BTC is right back where that rally started. | Source: TradingView

On Thursday, the bitcoin price careened as low as $7,394 on Bitstamp, notching a 10% decline from the previous day’s high above $8,200.

Bitcoin has now completely erased the late October surge that seemed to follow China’s sudden embrace of blockchain technology. But whether the product of a misguided belief among retail investors that Beijing would soften its stance on public cryptocurrencies or just another orchestrated pump, that rally has entirely disappeared.

Bitcoin now sits at a four-week low.

Even more concerning is that the tumble forced the bitcoin price below its 200-day moving average (DMA), a closely-monitored technical indicator that almost always screams, “Sell!” Unless assets quickly regain that level, the 200-DMA will transform from…

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