Most Bitcoin analysts saw that the price could not keep going up and its levels were unsustainable.
BTC/USD 4 day chart by Tradingview
Due to technical indicators and market sentiment which are two major factors, not just in Cryptocurrency but in the major stock markets too.
The affects of Covid-19 and the ongoing uncertainty in world economies also has its part to play.
My small selling position is gaining ground and the $8500 mark seems more and more realistic.
I am still staying long on my buying position as I do believe the Bitcoin will rise again and reach new heights.
But for now I'll take profits on the price drop and wait for the price recovery, eventually!
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Cryptosavvy.co.uk. Readers should do their own research before investing funds.