Bitcoin price continued its plunge below $10,000 on Wednesday, touching $9,274 on Coinbase. The fall marks a 32 percent pullback from the year’s high.
For many analysts, the move below $10k is a bearish sign with further drops on the horizon. But could this pullback be a buying opportunity?
Bitcoin price correction
Bitcoin enjoyed a parabolic rise to almost $14,000 in July. The market is now cooling off, shedding almost a third of its value. This isn’t unusual for BTC which witnessed at least nine 30-40% pullbacks in the 2016-17 bull run.
Trader Josh Rager thinks bitcoin’s latest correction could run as low as $8,000 before buyers rush in again.
“My current Bitcoin view for max correction is near $8k (give or take 5%) which would be a near 40%+ pullback.”
A buying opportunity?
Despite the bearish sentiment, Rager remains bullish long-term. He said the four-digit bitcoin price is a gift – the perfect buying opportunity.