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Is Bitcoin Really Doomed? Analysts Skeptical of Bear Bias After $400 Drop

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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 WeakBears 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 now we are retracing after consolidating. My feed, totally bearish again.We can go lower sure, but I think the same people waiting for $6k are going to be waiting for $7k and will buy back above $10k.Never change CT!— Mayne (@Tradermayne) November 8, 2019 Crypto Michael echoed this line. The Amsterdam Stock Exchange trader poked fun at the euphoria that bears have had over the past days, accentuating the irrationality of the claims that a retest of the lows is on its way, especially in the context of the recent 42% gain:I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of bBTC.

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