After a long period of consolidation around the $10,000 level, Bitcoin\u2019s bulls ran out of fuel and surrendered to bears, which has subsequently led BTC\u2019s price to plummet lower as it begins cutting deeply into the gains it incurred throughout the first half of 2019.<\/p>\n
Now, analysts are noting that there is a decent chance that Bitcoin targets the price level at which it started its rally earlier this year, which could mean that BTC will soon erase all of the gains it incurred during its 2019 rally.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 3% at its current price<\/a> of $8,100, which marks a slight climb from its recent lows of below $7,900, which is where the cryptocurrency found notable levels of support that slowed its downwards descent.<\/p>\n Because Bitcoin<\/a> does appear to have a decent amount of support around $8,000, it is highly probable that the crypto will consolidate around this level for the next few days and weeks, although any sudden influx of buying or selling pressure could change this.<\/p>\n This latest bout of downwards pressure has led analysts to set relatively low targets for the cryptocurrency in the near-term, with Harry, a popular crypto analyst on Twitter, explaining that he believes it will target the upper-$4,000 region in the near-term, but also adding that it may first move back into the $9,000 region.<\/p>\n \u201c$BTC – Long term BTC chart, assuming we are not reversing from a relief rally, smart bulls are looking for signs of continuation as low as $4.8k, expect pull backs to levels will be sold off hard, be particularly cautious with prices attacking $9.5k on first attempt,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a> – Long term BTC chart, assuming we are not reversing from a relief rally, smart bulls are looking for signs of continuation as low as $4.8k, expect pull backs to levels will be sold off hard, be particularly cautious with prices attacking $9.5k on first attempt x pic.twitter.com\/efJpiCCKpL<\/a><\/p>\n — Harry \ud83e\ude9d\ud83c\udff4\u200d\u2620\ufe0f (@HaraldoXRP) September 27, 2019<\/a><\/p><\/blockquote>\n\n