Bitcoin Price Analysis: What caused the mini crash for BTC/USD?

Bitcoin price suffered coincidently after Craig Wright threatened to force Bitcoin down to $1000.
BTC/USD manages to bounce for now, after the consistent selling pressure, forcing price to lowest level in over 1 year.

Ken Chigbo Independent Analyst

Bitcoin was trading down with hefty losses of 9% in the late part of Wednesday. The sellers running exhausted, BTC/USD managing to bounce higher by around 4%, after dropping to the lowest level in over 1 year.

It is still unclear what the catalyst was behind this chunky drop south, which rippled across the market. However, worth noting Craig Wright, who calls himself the real Satoshi Nakamoto, threatened to cause Bitcoin price to plunge to $1,000.

Craig Wright tweeted, “To all BTC miners...If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well... we think BTC market has no room... it tanks. Think about it. We will sell A Lot! Consider that....And, have a nice day (BTC to 1000 does not phase me).” Clearly not a fan of the latest Bitcoin Cash hard fork.

BTC/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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