Bitcoin (BTC) fell beneath $eight,000 on Nov. 21 after several days of downward cost force per unit area finally cost the cryptocurrency a major support level.

Data from Coin360 showed BTC/USD finally reentering the $7,000 range on Thursday, marking its everyman since the last week of October. $7,880 was met by an immediate bounce to $seven,940.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

Analysts eye $7,500 and $six,500 floors for BTC

Analysts had widely predicted the bearish move, with regular Cointelegraph contributor Michaël van de Poppe recently eyeing $7,400 every bit a realistic new back up zone for Bitcoin.

Continuing the forecast, boyfriend contributor filbfilb highlighted even lower levels — $6,500 or the pivotal profitability price for miners — as the ultimate flooring if surly sentiment continued. Earlier that, the 100-calendar week moving average (WMA) at $7,520 could provide further back up.

As Cointelegraph reported, $6,500 is considered by many commentators every bit the lowest possible Bitcoin cost nether current weather.

"Still call back the 100 WMA volition hold up at this stage, but if it doesn't, I'm all in at $half dozen,500," filbfilb said in individual comments.

On Monday, statistician Willy Woo forecast that current Bitcoin cost behavior would remain "unique" compared to previous cycles in its history. Specifically, BTC/USD would arroyo its 2020 block reward halving on bearish sentiment. In 2012 and 2016, halvings followed at least six months of bullish progress.

Woo additionally predicted that volatility would remain a feature for Bitcoin in the coming months.

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