Bitcoin tumbled more than 15% on Monday, briefly dipping below $50,000 amidst concerns of a US recession and growing geopolitical tensions in the Middle East. This was the first time since February that BTC fell below this threshold before rebounding to around $52,000.
Experts suggest that the crypto asset could see more downsides.
More Pain for Bitcoin?
CryptoQuant’s latest analysis indicates that Bitcoin could potentially drop to $40,000, signaling a challenging period for investors. The crypto analytic platform highlighted that traders are currently experiencing their most negative unrealized profit margins since November 2022.
This downturn reflects a significant shift in market sentiment, with increased selling pressure as traders seek to mitigate losses amidst an uncertain economic backdrop.
As a result of Bitcoin’s massive fall, the percentage of holders in profit dropped to 75%, as per IntoTheBlock’s observation. This is a significant decline and the lowest level seen sin
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