Bitcoin May Soon Post Major Gains as Bears Begin Losing Strength

Bitcoin’s bulls have been able to step up and support BTC’s price following its recent drop below $9,000, which points to an underlying strength that may signal that the cryptocurrency will soon post a strong recovery from its recent lows.

Analysts are now widely anticipating BTC to post decent gains in the near-term, with one analyst explaining that the crypto is currently forming a similar technical formation to the one that was seen just prior to its rally from $7,300 to $10,600.

Bitcoin Stabilizes Above $8,800 Following Recent Dip

At the time of writing, Bitcoin is trading down marginally at its current price of $8,825, which marks a slight drop from its 24-hour highs of just over $8,900 that were set earlier today.

Earlier this past week, Bitcoin plummeted from its previous trading range between $9,000 and $9,500, which showed that bears had gained the upper hand over BTC’s bulls, although its drop quickly grinded to a halt after it found significant support around $8,800.

In the near-term, analysts are noting that they anticipate the cryptocurrency to climb past $9,000 before it hits a resistance level that sends it spiraling significantly lower.

The Cryptomist, a popular cryptocurrency analyst on Twitter,