Bitcoin’s Decline Isn’t Over Yet! Analysis Company Lists Reasons and Predicts Bottom Price!

Bitcoin ($BTC) reached its all-time high of $126,000 at the beginning of October. This was followed by one of the biggest cryptocurrency crashes in history, the October 10th drop.

Following this crash, Bitcoin entered a downtrend, and last week it tested the $60,000 level.

At this point, while predictions that $60,000 could be the bottom in the market are increasing, some analysts predict that Bitcoin is in a bear market and may experience further declines.

According to CNBC, Wolfe Research analysts said that despite Bitcoin falling by 50%, there is a possibility of further declines.

Wolfe Research, in its latest analysis, argues that Bitcoin reached its cycle peak in October at $126,000 and is currently in a bear market.

Bitcoin fell more than 50% from its October peak, dropping as low as $60,000, before rising back to around $72,000. However, it struggled to maintain its momentum.

Wolfe Research warns that the decline may not be over yet. They also believe Bitcoin is following its four-year historical cycle.

At this point, analysts pointed out that historical four-year bear market cycles have brought an average drop of 75%, suggesting that this rate could bring $BTC down to $30,000.

“In past four-year cycles, bear markets have shown an average decline of 75%; in this case, $BTC could fall to around $30,000.”

Analysts also noted that the same macroeconomic, political, and market pressures that triggered the sell-off are continuing, adding that they do not expect regulatory changes to bring any relief.

Analysts have warned that recent rallies may be temporary, noting that geopolitical and economic tensions continue to put pressure on Bitcoin and other risky assets.

*This is not investment advice.