The Bitcoin price has recently dropped to the $7,200 level, which shattered the hopes of bulls who expected to see the $8,000 level (sorry, Bloomberg). However, the ball might not be in the court of bears just yet.
$7,400 is important
At the time of writing, Bitcoin is changing hands at $7,372 after experiencing a mild recovery from its today's drop. The $7,400 level is now closely watched by numerous traders. "TraderXO" says that BTC could reclaim its December monthly open if it prints a daily close above the aforementioned price target.
Technical analyst "Crypto Michaël" bets that the orange coin might finally hit $8,000, the level it hasn't seen in almost two weeks if bulls make a push past $7,400.
December could be bloody
Meanwhile, "NebraskanGooner" is less optimistic. His fractal analysis shows that the BTC price could soon plunge to the low-$6,000 range. That said, it would be irresponsible to create one's trading strategy with the help of one recurring pattern, according to the trader.
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