Per an analyst, Bitcoin will drop by an additional 30 – 40%. This comes as market dynamics see a setback.continued to struggle under significant market pressure, dipping below the $58,000 mark, analysts are now projecting a substantial price correction of 30-40% in the current market cycle.
According to analyst Scott Melker, Bitcoin has breached critical support levels that are now acting as resistance, potentially leading to further declines. HeThis suggested that Bitcoin could face a free-fall if it fails to maintain current support levels.Melker pointed out that the Relative Strength Index , typically a reliable indicator of when an asset is oversold and likely to rebound, has not reached oversold territory.
This condition is mirrored in the broader price trends observed on the charts, where Bitcoin exhibits a pattern of lower highs and lower lows, signaling sustained bearish momentum.“This is still ONLY A 23% correction, very shallow for a bull market and consistent with other corrections on this run. We are yet to see a 30-40% pull back during this bull market, like those of the past.”It plummeted from over 17 million in March to around 14.
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