Bitcoin price drops following the Twitter hack

Bitcoin price has been rather stable over the past two months, at least when compared to its behavior in the first half of the year. Following the January/February surge, late February drop, and the mid-March crash, the coin spent a few months in recovery, eventually reaching its average price of $9.300.

However, recent events have caused the price to break one of its stronger support levels, while recent forecasts predict that further drops are about to arrive.

Bitcoin price drops after Twitter hack

Two days ago, July 15th, Twitter suffered what is undoubtedly the worst hacking incident in its history. Numerous verified individuals got their accounts hijacked, and hackers then used them to promote a Bitcoin scam, thus trying to trick millions of people that follow each of the hijacked accounts.

Some of the victims of this hack include Barack Obama, Elon Musk, Kim Kardashian, Kanye West, Warren Buffett, TRON’s Justin Sun, and even a popular YouTuber, MrBeast. This is only a fraction of the list, of course, but the important part is that they all promoted a Bitcoin scam while under the attackers’ control.

Soon after the incident, however, BTC price — already believed to be rather fragile — saw a $100 drop, going down from $9.202 to $9,102.

This interrupted Bitcoin’s careful balance, which was expected to happen sooner or later. After all, BTC doesn’t sit still for long. However, most were hoping that the coin would go up, not down.

New forecasts bring more bad news

According to recent forecasts given by various experts, BTC is still in a strong correlation with the stock market — which is filled with sell signs. This indicates that the stock price might go down before long, and that it might bring BTC with it.

If this happens, Bitcoin is likely to fall anywhere from $8,800 to $8,200, which are the levels that some of the more notable predictions have pointed out. Of course, BTC could go even lower than that, or not fall below $9k at all — it is difficult to know. For now, coins are flowing back into exchanges, as recently reported.

One way to ensure this is for the bulls to buy BTC and push it back up to $9.400 and beyond by creating demand.