Price Drop Scenario
Crypto analyst DonAlt suggests that Bitcoin could drop to as low as $42,000. He believes this correction could be necessary for the continuation of Bitcoin’s bull run.
Support Break and Washout
DonAlt predicts that Bitcoin could break below its current support level of $60,000, leading to a drop to $52,000 or even $47,000. He suggests that this washout could shake off weak investors and clear the market of complacency.
Complacency in the Market
DonAlt believes there is currently complacency in the market, with investors ignoring the risks associated with Bitcoin. He predicts that this will continue until Bitcoin either reclaims $68,000 or drops below $60,000 and regains support.
Bearish Pressure
Crypto analysts are noticing a decline in whale activity, which could indicate that the bears are gaining momentum. A surge in whale transactions could provide the necessary spark to boost Bitcoin’s price.
Slowdown in Demand
The slowdown in demand for Spot Bitcoin ETFs has contributed to the tepid price action. A demand growth is needed for Bitcoin to experience another rally.
Current Price
At the time of writing, Bitcoin is trading at around $62,300, down over 2% in the last 24 hours.
