Instead of a resurgence and a breath of fresh air for the bulls, the primary cryptocurrency’s condition has only worsened, with a 6% price drop over the past week.
The bearish environment has prompted several analysts to issue pessimistic forecasts, with some envisioning declines to around $50K.
How Much Lower?
Last week, BTC briefly plummeted to around $58,000, thus reaching its lowest level since September 2024. In the following days, the bulls reclaimed some lost ground, and the cryptocurrency is currently hovering around $60,000.
According to X user Chiefy, another short-term pullback might be on the horizon. The analyst claimed that BTC has historically bottomed out about 427 days after each cycle’s all-time high, suggesting a plunge to $51,000 may follow next.
AlΞx Wacy also weighed in, basing their thesis on the asset’s past performance. That said, the X user argued that the cryptocurrency will either start a two-year bull run or bleed for an additional six months.
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