Bitcoin, has experienced a drop of up to 15% since the weekend and was still not far from its low point at the time of writing. BTC was trading at $62,900 and had recently dropped to $61,600. The nervousness among investors continues as no one expected such a bad halving week.
How Low Will Bitcoin Go?
Investors are not eagerly approaching the plummeting prices. At this point, the current outlook is frustrating. Normally, investors who believed in a rise scenario for 2024-2025 have been making massive purchases for months, but now they are silent. The 40% drops in altcoins are not enticing most investors. The reason is concerns about the imminent start of another major global conflict.
Regional tensions alone cannot justify the lack of appetite. Fed is struggling with inflation, and while interest rate cuts should have started, inflation is still coming in above expectations. According to popular crypto analyst Mark Cullen, the path indicates another drop towards $59,000.
“It’s still very likely that $BTC has one more leg down to complete the larger corrective Wave C. If it’s going to happen, it should be today.”
Experts’ Crypto Predictions
Analysts like Matthew Hyland are unable to declare a definite direction. They will continue to monitor the situation of the critical $64,130 support level. If the weekly close is below this, we can see their concerns increase.
“This largely depends on how the weekly candle closes. The last time it was tested, it was a great buying opportunity and it never closed below. The close will be the most important thing.”
According to Binh Dang, a contributor to CryptoQuant, the situation is much worse. The analyst, who examined the CVDD metric, thinks that BTC/USD will linger at lower levels for a longer period before reaching its highest levels again. And these lows will be much deeper.
Binh is worried that the current geopolitical drivers could initiate an extreme sell-off wave similar to the one during the COVID period. In the worst-case scenario, his target is a deeper dip below $40,000.
