Bitcoin flash crashed on July 4 and 5, extending losses from all-time highs to about 30%. Though there was a relief bounce over the weekend, forcing the world’s most valuable coin up by nearly 11%, BTC remains within a bearish formation.
Bitcoin Correction Not Over: Will Bears Break $50,000?
One analyst who took to X confirmed this assessment, adding that the optimism over the last 48 hours could be quashed in the coming sessions. With BTC not out of the woods, at least from technical formation, the analyst predicted not only will the coin sink below last week’s lows, but it will likely break the psychological $50,000 mark.
Pointing to historical price action, the coin said Bitcoin could drop to as low as $48,000 in the coming days, roughly 40% from its all-time high.
When this happens, and following the price action seen in 2017, when the coin also crashed by 40% after local peaks, the coin will resume the uptrend.
Even so, looking at the analyst’s assessment, the
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