As you are likely aware, Bitcoin (BTC) hasn’t done too well over the past two-odd days. Since Friday, the cryptocurrency has shed 6% of its value, tanking from $9,250 to $8,700 in a strong move lower that came after nearly two weeks of bullish consolidation above $9,000.
Despite this relatively mild price action, which wasn’t exactly a move that slaughtered bulls per se, a number of traders have flipped bearish. Bloomberg, for instance, wrote that there is a likelihood that if the bearish pressure persists for a little more, Bitcoin will trend all the way back to $7,300 — back where it was prior to the most recent swing upwards.
This sentiment, according to a number of analysts, is irrational.
Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak Bears Are Irrational?
Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.
$BTC has it’s 4th biggest bull move ever, $7.2k-$10.5k, and