Bitcoin (BTC) lost a four-month price range after breaking down from $60,000, trading as low as $53,540. Now, a prominent cryptocurrency analyst believes BTC can revisit its lows and maybe drop even further in a bearish context.
CrypNuevo shared this analysis in his “Sunday Update” as a thread on X, pointing to key technical indicators. In the analyst’s words, “The next key level to the downside is exactly $51.7k.”
Essentially, the $51,700 price level matches with leverage liquidation pools formed after the wick down to $53,540. Moreover, it matches the 50-week exponential moving average, which is a solid price and trend indicator.
BTC/USD daily chart. Source: TradingView / CrypNuevo
Bitcoin wick-filling strategy
The analyst usually refers to candlestick wicks in his analyses as imbalances indicators. Historically, Bitcoin tends to fix these imbalances, revisiting 50% or 100% of the wicks before confirming reversals.
CrypNuevo often uses this “wick-filling st
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