After hitting highs of over $60,000 per Bitcoin earlier this year, the popular cryptocurrency took a huge stumble, as Bitcoin dipped nearly to $45,000. The cryptocurrency industry is disappointed by recent news, but it's believed that this isn't going to be the end of Bitcoin dropping.

Many analysts are starting to believe that Bitcoin is going to drop down to $40,000. The belief of this comes from traders looking at the daily graph for Bitcoin and seeing the head and shoulders pattern, a pattern that suggests that lower prices are going to be needed before we see them get higher again. Other traders believe that the right shoulder being created in the pattern should mean that bitcoin would end up somewhere around the $41,500 mark, potentially sporting even a lower price target than that.

Traders are also panic selling because they believed that they would have to keep hitting higher and higher targets for the rest of 2021. Because of this, traders are starting to readjust their expectations and place their money elsewhere. In all, this creates a ripple effect that causes Bitcoin traders and the average person to freak out.

Some traders don't believe that this sign necessarily means that it's going to dip that low. The reason for this is that many traders are assuming the $40,000 price based on a single indicator in the graphs, not enough to show the entire pattern.

Regardless of whether it dips or not, some traders believe that this is a great time to pick up Bitcoin for any trader's virtual wallet. The reason for this is that a lot of people are predicting that Bitcoin could hit over $100,000 at some point during 2022. Anyone purchasing Bitcoin at the price not and cashing out potentially at the six-figure mark would see gains well worth their time and money.