Bitcoin\u2019s recent bout of sideways trading around the $8,600 region has resulted in a massive bear-favoring movement, with BTC now plummeting down towards the lower-$8,000 region.<\/p>\n
This movement has completely altered the sentiment amongst investors, with many analysts now claiming that the crypto will see significantly further losses as $9,200 begins to look increasingly like a mid-term top.<\/p>\n
One prominent analyst who previously predicted multiple major Bitcoin movements seen throughout 2019 is claiming that BTC is now entering a buy zone, and accumulation trends seem to suggest that hundreds of thousands of investors are growing macro bullish on BTC.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 4% at its current price<\/a> of $8,360, which marks a notable decline from its daily highs of over $8,700 that were set yesterday.<\/p>\n Prior to the overnight drop experienced by the cryptocurrency, many analysts and investors had believed that the crypto would see an extension of its upwards momentum, as the bull trend seen throughout 2020 has appeared to mark a massive shift in BTC\u2019s market structure.<\/p>\n In the near-term, $8,300 appears to be a key support level, as this is where the crypto was able to fund some support during its latest downturn.<\/p>\n It is also important to note that BTC has also been caught in a firm accumulation trend over the past several weeks and months, with the number of wallet addresses holding over 1 BTC recently hitting an all-time high.<\/p>\n \u201cStrong growth of addresses with balance of >= 1 BTC compared to >= 0.1 BTC. Steady accumulation despite the media saying crypto is dead,\u201d Alex Gedevani, a financial analyst at Barclays, noted in a recent tweet.<\/p><\/blockquote>\n Strong growth of addresses with balance of >= 1 BTC compared to >= 0.1 BTC<\/p>\n Steady accumulation despite the media saying crypto is dead pic.twitter.com\/f8I1vC3C8R<\/a><\/p>\n — Alex Gedevani (@alexgedevani) January 19, 2020<\/a><\/p><\/blockquote>\n\n