Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

$BTC #BITCOIN

Preferably I'd see the upper part go, but either way continuation of the ranging on either of the levels is going to occur.

1) Break back above and hold this support. Break back to $8,300 would be nice.

2) Lose it -> $7,800 and $7,300 next areas to aim. pic.twitter.com/DJjXtxNmEV

— Crypto Michaël (@CryptoMichNL) November 18, 2019

The analyst tweeted this forecast twice with an hour pause.

$BTC #BITCOIN

No bueno, I'd prefer to see a wick back up quite soon on this one, but highly doubt it.

Bunch of stops hit here below this area.

Needs to bounce back up above $8,300 preferably, otherwise aiming $7,800 & $7,300 (Green zone). pic.twitter.com/7fOgmSdHZq

— Crypto Michaël (@CryptoMichNL) November 18, 2019