Analysts Target Move to $8,400 as Bitcoin Plummets Below $9,000

After a long period of consolidation within its previously established trading range, Bitcoin’s bears have now taken control and have pushed BTC’s price below its previous support level that existed around $9,000.

Today’s drop has led multiple analysts to set significantly lower targets for the cryptocurrency, and it is looking increasingly likely that it will touch its next key support level around $8,400 in the near-term before its bulls have the chance to build any strength.

Bitcoin Plummets Below $9,000 as Bears Roar

At the time of writing, Bitcoin is trading down nearly 5% at its current price of $8,850, which marks a notable drop from its 24-hour highs of $9,300.

Prior to today’s drop, Bitcoin has been caught in a relatively tight trading range between $9,000 and $9,500 for a couple of weeks, and neither bulls nor bears had been able to incur enough strength to push the crypto out of this trading range until early this morning when bears forced it below its lower range…