Bitcoin Price Plummets Below $60,000 Amid Analysts’ Warnings of Further Declines
Bitcoin has recently experienced a drop below the $60,000 mark, prompting analysts to caution that further downward movement could be on the horizon for the leading cryptocurrency.
An analyst who goes by the pseudonym DonAlt shared insights with his substantial social media following on X, suggesting that Bitcoin’s bearish trend may persist unless it can reclaim a critical support level on the weekly chart. He emphasized the importance of Bitcoin regaining stability above $63,800 or facing potential declines to lower support levels.
In the past 24 hours, Bitcoin saw a low of approximately $59,700 before rebounding slightly and currently trades at $60,243.
The Flow Horse, another pseudonymous analyst, hinted at the possibility of Bitcoin dropping to the $40,000 range. He noted a prevailing overconfidence in the market regarding the potential downside, with many participants reluctant to consider Bitcoin revisiting the $40,000s. The Flow Horse highlighted the importance of being prepared for various scenarios, citing the shortsightedness of disregarding such a significant price level.
Renowned analyst Benjamin Cowen addressed his substantial YouTube audience, suggesting a potential downtrend for Bitcoin based on its historical correlation with the 10-year US Treasury yields (US10Y). Cowen pointed out a pattern where Bitcoin’s performance tends to weaken when the 10-year yield experiences significant spikes, as seen in previous instances. He indicated that if the 10-year yield were to rise notably, Bitcoin might exhibit seasonal weakness corresponding to this trend.
The analyses provided by these experts underscore the current uncertainty surrounding Bitcoin’s price trajectory, with warnings of potential further declines if key support levels are not maintained. The market sentiment appears cautious, with a recognition of the need to monitor critical price levels closely to gauge Bitcoin’s future movements accurately. Investors and traders are advised to stay informed and exercise diligence in navigating the evolving landscape of cryptocurrency markets.
