During the past few months, Bitcoin price fell The cryptocurrency market responded to the negative news released. One of the major news stories that contributed to this decline was the attack by the United States on Iran’s armed forces. As the war negatively affected the broader financial markets, the price of Bitcoin was not left out. Even now, when the digital asset seems to be forming something closer to the bottom, there are still expectations that the price will continue to collapse.
Bitcoin ABC Wave says the recent decline did not happen
Bitcoin price continues to struggle after bears initially broke support at $70,000, and Resulting weakness It threatened further downside. The move is consistent with cryptocurrency analyst Minga’s prediction that the digital asset was already stuck in an ABC wave trend.
And in the analysis that was subscriber On X (formerly Twitter), the analyst explained that Bitcoin was already committed to this trend. Although historical movements do not always play out the same way, it is still there Enough probability Investors should be careful.
Delving deeper into the wave pattern, the analyst’s chart shows the beginning of the wave He started With the price above $100,000. As the price fell, the wave also continued to appear. The latest of these now is the fact that Bitcoin price has now entered the final phase of the wave pattern and this is the most bearish part.
The last wave, wave C, is the wave that usually causes the greatest decline. Here it is expected that this will lead to a decline of approximately 50% in the price of the digital asset. Looking at historical performance, following this trend will eventually see Bitcoin price fall below $40,000.
As for the end of this decline, the analyst puts… The bottom of the drop Somewhere around $34,000. Although there is some wiggle room for this, it is still very likely that the price will fall to this level. Hence, it is important to take into account such a move in Bitcoin’s performance.
As for the key support levels through it all, the analyst highlighted Some support is just under $50,000. More specifically, support is located at $49,577 if the price starts to decline. However, below this level, there is hardly any support left for the cryptocurrency.
Featured image from Dall.E, chart from TradingView.com
Editing process Bitcoinist focuses on providing well-researched, accurate, and unbiased content. We adhere to strict sourcing standards, and every page is carefully reviewed by our team of senior technology experts and experienced editors. This process ensures the integrity, relevance, and value of our content to our readers.
