Bitcoin price continued its plunge below $10,000 on Wednesday, touching $9,274 on Coinbase. The fall marks a 32 percent pullback from the year’s high.

For many analysts, the move below $10k is a bearish sign with further drops on the horizon. But could this pullback be a buying opportunity?

Bitcoin price correction

Bitcoin enjoyed a parabolic rise to almost $14,000 in July. The market is now cooling off, shedding almost a third of its value. This isn’t unusual for BTC which witnessed at least nine 30-40% pullbacks in the 2016-17 bull run.

Trader Josh Rager thinks bitcoin’s latest correction could run as low as $8,000 before buyers rush in again . 

“My current Bitcoin view for max correction is near $8k (give or take 5%) which would be a near 40%+ pullback.”

A buying opportunity?

Despite the bearish sentiment, Rager remains bullish long-term. He said the four-digit bitcoin price is a gift – the perfect buying opportunity.

“Everyone should be liking this price action as you get another opportunity to buy under $10k+”

As CCN.com has reported, numerous analysts believe this is the last chance to buy bitcoin in the four-figure range before it recovers to all-time highs.

Click here for a real-time bitcoin price chart.