Bitcoin May Target $5,000 in Near Term as Momentum Falters

After surging from its recent lows of $7,800, Bitcoin has been unable to extend its upwards momentum and has continued trading sideways within the lower-$8,000 region. This bout of consolidation has made it increasingly unclear as to which direction BTC will move next, although its next major movement should provide significant insight into this.
One analyst is now noting that Bitcoin may continue dropping until it reaches the $5,000 region, which is where it currently has enough support to bols