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.
If you’re waiting for BTC to drop lower, I may have some bad news for you. Some of the widely-followed analysts on Twitter are predicting that the pullback is over. It is very likely that the top cryptocurrency won’t drop any lower than $7,800 before rallying to $8,800 or even $9,000.