Bitcoin Bears See $50K Before Any Recovery
Analysts predict Bitcoin could drop to $50,000 before a significant recovery, citing a potential final flush-out.Summary
Several cryptocurrency analysts believe Bitcoin (BTC) may experience a final price drop to as low as $50,000 before a substantial recovery can begin. Ivan Liljeqvist, a Bitcoin trader and author, stated that the market has not yet seen "the big flush" and that the current trend remains downward, with recent bounces being insignificant compared to the overall price trend. Analyst Merlijn Enkelaar suggested that Bitcoin is entering its second bear market phase, potentially involving a "manipulation phase" that could drive the price to $50,000 before a "distribution phase." Nick Ruck, director at LVRG Research, views $50,000 as a crucial accumulation zone for a sustained recovery, suggesting it would reset the cycle amid macro pressures. Analyst "symbiote" also anticipates a final large dump to targets of $59,000 or $50,000. Despite a recent rally, bearish sentiment persists, with chart patterns like a bearish flag indicating potential further declines. While previous bear markets saw drawdowns of over 70%, Ruck noted that this cycle might not reach an "idealized 60% drawdown" due to its macro-structured market environment, a sentiment echoed by Fidelity Digital Assets.
(Source：Cointelegraph)