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.