Bitcoin had a historical run last year but the cryptocurrency has been struggling in the last few weeks.
It hit below the $9,000 level on Coinbase this week and declined on reports about increased regulation in India and possible manipulation in price on a major exchange.
According to Tom Lee, a major Wall Street strategist, $9,000 is a “major low” for bitcoin but also a “the biggest buying opportunity in 2018.”
The digital currency first topped $10,000 back in November and dropping below $9,000 on Thursday represents a critical level that many analysts have been paying attention for.
Bitcoin hit $8,810 on Thursday according to Coinbase, the leading U.S marketplace for trading the major crytocurrencies.
The digital current started dropping after India’s minister of finance, Arun Jaitley, made concerning comments about the reuglation of cryptocurrencies in India.
A New York Times article also reported that the growing number of cryptocurrency investors have inflated the price of bitcoin by cryptocurrency exchange Bitfinex, which is included in CoinDesk’s price index.