When bitcoin recently dropped below the $10,000 mark, it was the first time bitcoin had been valued at this level since the early days of December 2017. Many market experts have attributed the sharp fall to announcements made by the Chinese and South Korean governments regarding increased regulation of cryptocurrency trading.

However, Sheba Jafari, an analyst at Goldman Sachs has said that he believes that bitcoin falling below the $10,000 mark is due to a possible price correction. In a client note, Jafari wrote that he be believed that the bitcoin market could form a new base at a price of around $9,978. If his prediction is correct and the sharp falls in the value of bitcoin over the past few days are part of a correction, it is expected that prices will stabilise just below 10K.

The analysis, which was published on late on the 16th January, noted that bitcoin was \"nearing interesting levels\" and that the cryptocurrency could see a reversal. Price trends so far indicate that this forecast may be correct, with the latest market data showing that as of January 18th, bitcoin is valued at over just $11,000. However, given past market volatility, it remains to be seen if this is the start of a price recovery.