Bitcoin Dropping Under High $8,000s Now “Highly Unlikely”: Here’s Why

Despite the fact that Bakkt finalized a launch date for its much-ballyhooed Bitcoin futures, the cryptocurrency market has failed to rally.

Per the time of writing this, the leading crypto asset is currently trading for $10,150 a piece, down 2% in the past 24 hours. Altcoins have followed suit, posting near-identical losses as bulls have failed to take control of the cryptocurrency wheel.

As such, some analysts have kept their bearish tone, calling for a potential further unraveling of the Bitcoin price. But, one prominent analyst is making the case that a dramatic move lower is highly unlikely.

Bitcoin Unlikely to Fall Under $8,000s

Over the past week, Bitcoin hasn’t had the best of times. According to Coin360, the cryptocurrency has shed a shocking 12%, which is a loss that comes in the midst of what many analysts are calling the early stages of a bull market.

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