Bitcoin struggles with a 20% decline from its peak. Analysts predict further drops, with key support levels suggesting a potential dip to $45K.
Bitcoin is facing a sharp decline, with the price down over 20% from its all-time high. Analysts now warn that Bitcoin could be heading toward the $45,000 to $50,000 range as key support levels are breached, signaling a deeper correction.
Key Points:
Bitcoin Downtrend: BTC has dropped 20% in 90 days, with daily trading volume down by 32%.
Analysts’ Predictions: Experts like Markus Thielen and Michael Van de Poppe foresee a potential drop to $50K or lower, possibly $45K.
Bear Flag Formation: A bear flag pattern suggests a downside target of $45,450, according to technical analysis.
Resistance Zones: BTC faces strong resistance between $57,928 and $59,668, making recovery challenging.
Key Support Levels: The 200-day EMA at $59,533 has been breached, putting Bitcoin at risk for further declines.
With Bitcoin struggling to regain its upward momentum, the crypto market faces significant bearish pressure. As resistance grows, analysts predict that BTC could dip to $45,000 before staging a recovery, signaling cautious optimism for the long term.
Source: Cointelegraph
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