Bitcoin is below the $5700 support level (currently $5,219) and prices could enter a secondary collapse. The next level of support is $5000. Below $5000 and investors may begin to panic. It looks like prices are heading to $2000 – $3000 before the next significant bounce.
For review, here is the August Bitcoin Update.
-GBTC- If Bitcoin fails to hold the $5000 level, expect a breakdown below $4.00 in GBTC. 