Bitcoin is having something of an identity crisis Thursday, Nov. 9.

The cryptocurrency dipped more than 3.8% to retreat from a record high set a day earlier as investors began to pull back from previous optimism surrounding the unlikelihood of a hard fork. Bitcoin traded at $7,185 per coin mid-afternoon Thursday, down 8.4% from a record of $7,848 set Wednesday, Nov. 8.

A hard fork in the cryptocurrency would have increased the size of the currency's block and its transaction throughput while breeding uncertainty for bitcoin. At first Wednesday, investors were optimistic, rallying around presumed stability and faith in bitcoin's original blockchain technology.

By Thursday afternoon, investors had changed their tune. A dip in bitcoin price following the failure of the hard fork push was expected, according to CoinDesk, but not this soon. It seems bitcoin investors are bracing for a bearish downturn early.

CoinDesk said bitcoin could tip lower to about $7,000 per coin in the near-term, but is on track to pop back up over the long-term on reduced uncertainty. Even a slide back to $7,000 per bitcoin wouldn't be the kiss of death -- the cryptocurrency traded below $7,000 as recently as Nov. 1. 

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