LIVEAccording to Cointelegraph: After a recent drop of up to 15%, Bitcoin currently hovers around $62,000, prompting commentators to consider potential lower targets for the market's floor, with some speculating that it could plunge to as low as $40,000.
Mark Cullen, a well-known analyst, envisions an imminent downturn to approximately $59,000 using the Elliott Wave technique. This dip would represent Bitcoin's lowest price point since late February, marking nearly a 20% drawdown from recent all-time highs.
Matthew Hyland, another analyst, pointed out that Bitcoin has lost the support of its 10-week simple moving average (SMA), currently at $64,130. He suggested that the weekly close would indeed be critical, as full candles below the 10-week SMA were last observed in mid-2023.
Meanwhile, Binh Dang of CryptoQuant used the adjusted cumulative value days destroyed (CVDD) metric to argue that Bitcoin might remain lower for longer before reconsidering its highs. He noted that despite evident deeper corrections in history, the current geopolitical impetus for the downturn is unlikely to spur panic seen during instances like the COVID-19 cross-market crash in March 2020.
As a "worst-case" scenario, a trip to just under $40,000 could be possible following his chart's 'Phase 1' line. This uncertainty calls for careful market monitoring and strategic investment decision-making from Bitcoin enthusiasts and investors.