On July 31, CCN noted in its report that the value of bitcoin is likely to drop from the $8,150 possibly down to the higher end of $7,000, due to the instability in the market.
“If BTC fails to maintain its volume and falls below the $8,100 mark, it is possible for BTC to test a major support level at $8,000 and eye a drop below the $8,000 mark. If BTC finds stability in the lower end of the $8,000 region, a short-term bottom will likely be found at $8,000, with expected recovery to $8,500,” the report of CCN read.
As expected, the price of bitcoin fell below the $8,000 mark, but the rapidly recovery of bitcoin from the $7,800 level was not foreseen by the majority of traders, as it occured in such a short period of time.