The recent significant drop in Bitcoin price has caused concern among crypto analysts. According to current market data, Bitcoin has lost 12.8% of its value in the last 24 hours, hitting a five-month low. This is the lowest point since February 2024.
Alex Kuptsikevich, senior market analyst at FXPro, noted that Bitcoinâs downtrend could continue to $42,000. Kuptsikevich noted that Bitcoin has fallen below its 50-week moving average, indicating weaker buyer support. âWithout strong buyer support, we could see an accelerating sell-off similar to late 2021 and early 2022. If the $50,000 support level is not maintained, a drop to $42,000 could be inevitable,â he said.
The cryptocurrency market has experienced a sharp decline, with Bitcoinâs value falling to $52,000, its lowest level since February 2024. According to CoinGecko data, this represents a 12.8% loss in just 24 hours. This sudden drop has led to speculation about the possibility of a further decline.
The psychologically important level of $42,000 plays a critical role in the behavior of crypto investors. Despite the recent downtrend, it is still possible for Bitcoin to recover and stabilize above the $51,000 level. âBTC must regain support; otherwise, a drop to $45,000 is likely,â crypto analyst The Moon warned on platform X.
Kuptsikevich noted that the current 20% drop is not unusual and is consistent with previous market corrections, citing the failure to break the $70,000 resistance level as the main reason for this decline. âThe pressure on Bitcoin increased after it failed to break through the falling channel resistance,â Kuptsikevich said.
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