Bitcoin Price Plunge Continues: Analysts Predict Further Drops to $59K

by Aric Feil

  • Bitcoin faces new downward rigidity, with analysts eyeing attainable drops in direction of $59,000.
  • Lack of key exciting moderate give a steal to and on-chain indicators hint at a doable reaccumulation section.
  • “Quiet very that you would possibly maybe well well presumably imagine that there would possibly maybe be 1 extra leg down for $BTC…” warns analyst Set aside Cullen.

Bitcoin’s rollercoaster shuffle continues, with consultants weighing in on the keep the underside would possibly maybe well well lie. Fetch basically the most up-to-date mark prognosis, predictions, and insights into what these actions would possibly maybe well well mean to your crypto portfolio.

Bitcoin Risks Breaking Under $60K as Selling Drive Mounts

After failing to preserve above $61,000, Bitcoin now faces renewed promoting rigidity. Analyst Set aside Cullen predicts a doable fall to the $59,000 level, fueled by Elliott Wave prognosis. Such a transfer would imprint the largest drawdown from Bitcoin’s most up-to-date all-time high.

Key Shifting Moderate Enhance Lost

Adding to the bearish outlook, Bitcoin has lost its important 10-week straightforward exciting moderate (SMA) give a steal to, a pattern carefully watched by traders. Analyst Matthew Hyland highlights the importance of this week’s candle terminate, as it would possibly maybe maybe probably maybe well signal extra weakness.

On-Chain Metrics Counsel Reaccumulation Segment

CryptoQuant contributor Binh Dang analyzes the Adjusted Cumulative Trace Days Destroyed (CVDD) metric, suggesting a doable reaccumulation section at lower prices. Whereas a worst-case scenario of $40,000 is talked about, Dang believes basically the most up-to-date geopolitical uncertainties aren’t at threat of attain the awe ranges of the 2020 COVID-19 shatter.


Bitcoin’s temporary outlook looks engaging, with technical indicators and on-chain metrics pointing toward attainable extra declines. Merchants would possibly maybe well well neutral peaceable brace for that you would possibly maybe well well presumably imagine volatility and carefully video display key give a steal to ranges because the market makes an try to secure a fresh equilibrium.

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