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Bitcoin is at a crossroads After being rejected at $62,000. Unsurprisingly, this has led to mixed sentiment in the market, with bulls and bears engaging in a fierce tug-of-war. But while the bulls are still talking loudly, the bears have come out of the woodwork, leading to speculation that the price could actually go much lower.
Bitcoin succumbs to downward pressure
Despite the 15% collapse that has already rocked the price of Bitcoin, cryptocurrency analyst Don Alt doesn’t think the market has seen the worst of it yet. In a video clip on YouTube videoThe analyst explains that the best case scenario for Bitcoin is still below its current price of $61,000.
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Donald makes the argument that Bitcoin price The price will likely fall below $60,000, which means it has missed a key psychological level. In this case, the downtrend will continue, predicting another double-digit decline in the price of the cryptocurrency.
When this happens, the cryptocurrency analyst expects the downside to reach 30%. Not only that, but he expects more sideways movement to follow, expecting this sideways movement to continue for up to 120 days, or four months to be precise.
As for the targets, the analyst believes that this could lead to a price drop below $50,000. However, in the worst-case scenario, he sees The price drops to $40,000but not lower. In the best-case scenario, he expects a drop to $52,000 before the price starts to recover.
“I think the worst case scenario is $40,000, and that’s the extreme downside. I don’t think the price will go any lower than that. The best case scenario if it’s all bearish is $52,000 and then it moves sideways.” [price action]“He said in the video.
BTC crash erodes market sentiment
the Bitcoin price collapse The decline in cryptocurrency prices has dragged down the rest of the market, causing a significant drop in investor sentiment. According to the Crypto Fear and Greed Index, investors have returned to fear, which is ultimately not good for the price in the short term.
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The index currently stands at a neutral level of 47 after falling to a frightening level of 40 on Thursday. While the value today has increased, it still shows – Hesitation among investors. Therefore, a sideways movement from Bitcoin should be expected, at least over the weekend.
At the time of writing, Bitcoin price VanEck shares fell back below $61,400, erasing gains made after VanEck announced it had filed with the U.S. Securities and Exchange Commission for Solana ETFs.
Featured image created with Dall.E, chart from Tradingview.com
