How Far Will the Bitcoin Price Decline Continue? Price Drop to $50,000 Next? Three Experienced Analysts Explained. (Feel free to share your opinions on comments)
Bitcoin (BTC) is experiencing a significant sell-off, with losses potentially rising after falling below $57,000. Focusing solely on price charts, analysts suggest that the situation may get worse before it gets better.
The downtrend intensified today as Bitcoin fell below the $60,000 level for the first time since February. This decline is attributed to persistent inflation and uncertainty surrounding the Fed's interest rate policy, which continues to weigh on markets.
""According to Oppenheimer analyst Ari Wald, the $60,000 mark was a key support level for Bitcoin, representing the approximate convergence of the March low and the 100-day moving average. Speaking to CNBC, Wald said, “We see countertrend risk up to the $49,000 support, which marks both the February breakout, the March 2022 peak, and the 200-day average.”
""Standard Chartered's Head of Digital Asset Research, Geoff Kendrick, echoed this view, stating that Bitcoin's “proper breakout” below $60,000 “reopens the path to the $50,000 to $52,000 range.”
""Wolfe Research's Rob Ginsburg suggested that $60,000 Bitcoin looks “vulnerable” and $50,000 could be in play. Bitcoin has been trading in a range between $60,000 and $74,000 since mid-March, when its price reached new records, and has failed to break out multiple times.
“We expect short-term weakness ahead of a strong move towards all-time highs later in 2024.”
By Bitcoin Sistemi EN
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