Bitcoin Dumps Retreat With $9,000 Rally Imminent, Analysts Predict

• The deescalation of the situation in Iran may have triggered a round of profit taking in bitcoin.
• Multiple analysts remain bullish on the top cryptocurrency predicting that it won’t go any lower than $7,800.
• While not all analysts are boldly optimistic, one must consider that bitcoin’s corrections during bull markets tend to be shallow and short-lived.

After a strong rally catalyzed by the tensions in Iran, bitcoin is starting to show signs of exhaustion. From a low of $6,853.53 on January 3rd, the digital gold soared and posted a 2020 high of $8,463.57 in less than a week.

Since then, the cryptocurrency has been succumbing to profit taking. That’s not surprising considering that bitcoin printed gains of over 23 percent in a short period of time. Many analysts are predicting that the best level to bottom pick bitcoin would be $7,700 or lower.