Bitcoin (BTC) saw a 20% price drop over the weekend, briefly losing the $50,000 support level. The rest of the market followed the flagship cryptocurrency, crashing around 23% in the last three days. Since then, the crypto market has momentarily reclaimed some key levels, but analysts fear the bleeding isn’t over yet.
Is The Bitcoin Bottom In?
Following Bitcoin’s drop below $50,000, crypto analyst Altcoin Sherpa shared his thoughts on BTC’s performance. To him, the flagship cryptocurrency hit one of its possible bottoms on Monday morning after reaching the $49,000 support zone.
Related Reading: Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?
The massive drop to the $49,000-$50,000 area, which represented a 17% fall in less than 24 hours, could be the bottom, said Sherpa. However, he believes lower support levels will likely be tested in the coming days.
Per the post, the analyst won’t be “sitting comfortably” until BT
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