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.
Last December, Bitcoin reached the bottom of the bear market at $3,100 that commenced after Bitcoin started plunging from its all-time high of $20,000 that was recorded at the end of 2017.
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