Bitcoin Mining Difficulty Drop Points to Imminent Bull Run

Bitcoin's recent sell-off has sent it reeling below $9,000, but despite this downturn, its bulls have been able to defend a key near-term support level at $8,700.

This consolidation above the key support level may be seen as a bullish sign for Bitcoin, according to analysts. However, some analysts are still anticipating further downside in the near-term, with one targeting the lower-$8,000 region as a level where the crypto will find meaningful long-term support.

One prominent analyst, Hsaka, has pointed out that this may be the case, saying 'Time to bring it home.' However, another analyst, PlanB, sees a more positive outlook in the mid-term. According to PlanB's chart, drops in Bitcoin's mining difficulty have historically been followed by large bull movements.