RATE Group | Bitcoin (BTC) Plunges to $8,300; Here’s What Analysts Are Thinking
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Bitcoin (BTC) Plunges to $8,300; Here’s What Analysts Are Thinking

08 Mar Bitcoin (BTC) Plunges to $8,300; Here’s What Analysts Are Thinking

Posted at 16:50h in Bitcoin News by

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Bitcoin really hasn’t done well over the past day. After printing a false breakout candle on Saturday that brought the price of the asset to $9,200, there was a rapid and violent reversal. What followed was a dramatic and steep downtrend that has taken the price of BTC as low as $8,300 just last hour (as of the time of this article’s writing), marking a 10% drop from the highs.

Bitcoin (BTC) Plunges to $8,300; Here's What Analysts Are Thinking 9

Here are what analysts expecting is next for Bitcoin.

The Bullish Case for Bitcoin

Although the price action that has transpired over the past 24 hours has been decisively bearish for Bitcoin, there are some expecting the asset to bounce.

NebraskanGooner, a founder of exchange Level and a noted crypto trader, remarked that “as scary as that drop was,” Bitcoin has fallen to his daily trendline support, depicted below. The trendline has acted as both resistance and support for at least two months now, suggesting it is a crucial level to keep an eye on.

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