Bitcoin\u2019s bulls have lost their strength and allowed bears to push the cryptocurrency under its previous key support level at $8,200, which may signal that significantly further losses are imminent in the near-future as BTC slowly creeps back towards its recently established range lows at $7,800.<\/p>\n
Analysts are noting that Bitcoin is likely to continue falling until it reaches $7,600 in the near-term, which could mean that significantly further losses are imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down roughly 1.5% at its current price<\/a> of $8,050, which marks a noteworthy drop from $8,200 \u2013 the price at which the crypto had previously found a significant amount of support.<\/p>\n In the near-term, it is likely that $8,000 will be a level of support for the cryptocurrency, but it is important to note that analysts are explaining that it is possible that Bitcoin plummets below its recent lows of $7,800 and drops towards its near-term region of support at $7,600.<\/p>\n Big Chonis, a popular crypto analyst on Twitter, noted in a recent tweet that he expects BTC<\/a> to continue dropping in the near-term until it reaches roughly $7,600.<\/p>\n \u201c$BTC – where u going #bitcoin,\u201d he said in a recent tweet while pointing to the below chart.<\/p><\/blockquote>\n $BTC<\/a> – where u going #bitcoin<\/a> … pic.twitter.com\/K1AjqCacR7<\/a><\/p>\n — BIG Chonis (@BigChonis) October 5, 2019<\/a><\/p><\/blockquote>\n\n