CryptoSlate reports: After Bitcoin (BTC) dropped below $60,000, analysts warn that the king of cryptocurrencies could see further declines.
Analyst DonAlt, known by the pseudonym, cautioned his 566,900 followers on the social media platform X that Bitcoin may remain bearish unless it regains crucial support levels on the weekly chart.
“BTC Update: A nasty retest of support played out. It’s uncertain if the nasty support will hold again. Caution is advised until we reclaim $63,800 or hit lower supports. Assume risk until then has been removed.”
Source: DonAlt/X
Bitcoin fell to around $59,700 in the past 24 hours but has since reclaimed some lost ground, trading at $60,243 at the time of writing.
Anonymous analyst Flow Horse suggested that it might be time to consider the possibility of Bitcoin dropping to the $40,000 range.
“The market is still overly confident in how low we’ll drop if this range breaks. Almost everyone I see on the timeline and in chat only temporarily bear. They consider a few points when talking about the lows. They refuse to consider Bitcoin at sub-$40k levels again. This is short-sighted, and the reasons are clear.”
Meanwhile, prominent analyst Benjamin Cowen informed his 802,000 YouTube followers that based on the historical correlation between Bitcoin and the 10-year bond yield, Bitcoin might be on a downward trend.
“You often see one of the reasons Bitcoin could be declining is when longer yield curves start to rise…But if you look at the 10-year yield, you’ll notice that when the 10-year yield really took off from July 2023 to October 2023, that’s when Bitcoin was declining. If you look at the prior year (2022), when it took off in October, that’s when Bitcoin was declining. So, if the 10-year bond yield takes off again in October, that may align with some of the seasonal weakness that Bitcoin has just shown.”
Source: Benjamin Cowen/YouTube
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Generated image: DALL-E 3
