How low can Bitcoin go?
Bitcoin prices are down 22% from their all-time highs, with many analysts expecting BTC to bottom in the $45,000 to $50,000 range.
Over the past seven days, the metal has fallen more than 3%, erasing most of its gains from the August 5 low of $49,500.
Bitcoin prices are down 20% over the past 90 days, with its daily trading volume down 32% over the same period. But several indicators hint at a deeper correction in the market, making a quick recovery from current price levels unlikely.
Analyst Says Bitcoin Could Fall to $50,000
Bitcoin’s downtrend has led 10x Research analysts to predict prices in the low $50,000s.
10x Research analyst Markus Thielen shared the following chart, which shows that during the recent correction, Bitcoin prices broke below the ascending trendline of an asymmetrical triangle. A breakdown of this support line signals a retest of the August 5 low below $50,000.
Depope noted that Bitcoin fell below its Aug. 15 low of $56,000 to absorb demand-side liquidity underneath.
However, this did not produce the desired upward rebound, leaving Bitcoin at risk of further decline to “$53k or even $49K” before rebounding.
