$BTC Where will Bitcoin's decline end? Experienced analysts share their views
According to StockCharts Chief Market Strategist David Keller, Bitcoin's recent decline suggests it could fall to around $52,000.
This week, Bitcoin finally broke below the $60,000 support level, suggesting the possibility of further declines before the long-term uptrend restarts.
Keller's analysis of the recent trading range shows support around $60,000 in line with the 38.2% Fibonacci retracement level calculated using the January low and March high .
Keller's analysis of the recent trading range shows support around $60,000 in line with the 38.2% Fibonacci retracement level calculated using the January low and March high .
Another important development was the drop below the 50-day moving average. Typically, the bullish chart remains above the upward sloping 50-day moving average, while a break below this short-term support indicator could signal a downtrend.
If the downtrend continues, Keller suggests potential support in the range of $50,000 to $52,000, including the 61.8% Fibonacci retracement near $52,000.
The 200-day moving average is also at this level, and round numbers like $50,000 and $60,000 often act as important thresholds for BTC.
It is worth noting that after the latest Bitcoin halving, BTC often sees profit taking in the month following the halving. However, the 12 months following the halving will see the strongest price increase in history.
