Bitcoin is at a crossroads after getting rejected at $62,000. It is not surprising that this led to a market in which bulls vs. bears were engaged in a fierce tug-of war. While the bulls remain vocal, bears are now stepping out, causing speculation that prices could actually go much lower.
The Bearish pressure on Bitcoin Will Lead To Its Demise
DonAlt, a crypto analyst from the United States, believes the Bitcoin market may not have seen its worst yet despite the recent 15% drop. In a Youtube videoThe analyst says that the current Bitcoin price of 61,000 is not even its best case scenario.
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DonAlt makes the case that the Bitcoin price The price of bitcoin is expected to drop below $60,000 at which point it will have lost an important psychological level. The downtrend will continue in this scenario, and the price of the cryptocurrency is expected to drop by another two-digit amount.
The crypto analyst believes that the downward trend could reach as much as 30%. He also expects sideways movements to continue, and predicts that they could last up to 120 days or 4 months.
Analysts believe that the target price could be below $50,000. In the worst-case scenario, however, the analyst sees the price falling to $40,000However, it cannot be lower. The best-case scenario is that he expects the price to drop to $52,000, before beginning to increase.
“I think at the worst is $40,000, that’s the downside maximum I think. I don’t think it’s going to go lower. And the best case if this is all bearish I think would be $52,000 and then like sideways [price action],” The video shows what he says.
BTC Crash Erodes Market Sentiment
It is important to note that the word “you” means “you”. Bitcoin price crash The market has been impacted by this and investor sentiment has plummeted. According to the Crypto Fear & Greed Index, investors are back to being fearful, something that is not ultimately good for the price in the short term.
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Index is now at neutral 47, after Thursday’s drop to an alarming 40. Even though the current value of an item has increased in today’s market, its original price still stands. indecisiveness among investors. Bitcoin is expected to move sideways at least until the weekend.
The time this was written is the current date. the Bitcoin price The price of the VanEck Solana ETFs has fallen below $61,400. This has erased the gains that were triggered when the SEC announced VanEck had filed the Solana funds.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com