The possibility of Bitcoin drop to $8k all the way from $69k is very low, we know Bitcoin is the world's leading cryptocurrency so by that it has a very high volatility, each time it drops, people gets panics and sells off there BTC, when it rises again dey buy at loss prices which isn't suppose to be so but those who understands crypto and have studied Bitcoin knows no matter how it falls, it'll rise again, it fell from $69k and to $19k, and people are taking advantage of every Single move of it, imagine those who short BTC from $69k to $20k how much profit they'll be on. I'm not saying there's no possibility of it hitting $8k but if it does then it's going to $0 gradually and there's a very strong support at $0 which will skyrocket it upwards. One thing I know is certain. One-day, sometimes Bitcoin will be at $100k+ and we'll still say it's in deep, so as you're holding, also be making profits from the day trade
Bitcoin have dipped in the past months and will continue to dipped because of the high volatility in the market. Bitcoin have breaken all the support and resistance in the structure of technical analysis, experts loses their money in the rapid bearish movement of Bitcoin and some have even withdrawn their money from Bitcoin. In early this month, Bitcoin hits it's ATL price which ranked to $17,588 but presently today it's has climbed to $20k. For Bitcoin to dip to $17k, there's every possiblity that it will still hits $8k in less than no time. We will still be keeping our eyes on Bitcoin as others have a very mindset that it would run down to a $0 while others hope before the end of the year, it would shoots up to a long run of $100k. This space is unpredictable because of the constant bull and bear Market, we are experiencing everytime.
At this time it is very possible that anything could happen for BTC, this is not the time to ensure that BTC will not fall any more, at least I do not see it that way, I am a very optimistic person, but I cannot cover the sun with a finger either and obviously if there is still a war in Ukraine and RUSSIA, there will be no peace, and that peace translates into market instability, and a lot of panic, it can also be said that another possible war is at the gates of China and Taiwan, the danger is not Tawan but that the USA enters the conflict to defend Taiwan and that represents that many countries enter NATO, so while there are those risks of war, it is difficult for the price of BTC to rise calmly.