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BTC/USDT, 1-month chart. Source: Rekt Capital

The analyst doesn’t expect much more downside action for Bitcoin, based on historical chart patterns.

While going lower seems unlikely, BTC price could consolidate for the next two months due to the challenging macroeconomic environment, according to Jag Kooner, head of derivatives at Bitfinex. He told Cointelegraph:

“We could see a one-to-two-month consolidation in Bitcoin prices, trading in a range with swings of $10,000 on either side. We expect the positive impact of the halving, which has brought about a reduction in Bitcoin supply, will be seen in later months. At this point, the economy is also expected to be performing better, having achieved a soft landing and avoiding a recession, providing further impetus to crypto assets.”

On the weekly chart, the $52,000 mark acts as the “most important level” to watch, as it’s a high timeframe support-resistance level.

A weekly close above the $52,000 mark would suggest more upside is likely, according to an X post by crypto trader Marco Johanning.