After a long period of Bitcoin’s bulls and bears remaining deadlocked, the cryptocurrency’s bears have ultimately prevailed as the stronger force, sending BTC plunging below its previous range lows at $9,000.
Bitcoin’s drop has led many analysts to predict that further losses are imminent for the cryptocurrency, with one analyst noting that the cryptocurrency is currently showing a similar pattern to the one seen in November just prior to its drop to below $4,000.
Bitcoin Plummets During Early Morning Movement
At the time of writing, Bitcoin is trading down over 4% at its current price of $8,890, which marks a notable drop from its daily highs of over $9,300 that were set yesterday as BTC traded sideways within the middle of its previously established trading range between $9,000 and $9,500.
This period of sideways trading and subsequent drop has led analysts to set short-term targets in the lower-$8,000 region for the cryptocurrency, with HornHairs – a popular crypto analyst on Twitter – telling his followers that he is expecting BTC to find support around $8,600 in the near-term, which could be enough to bolster its short-term price action.