Bitcoin (BTC), the king of cryptocurrencies, may further decline after falling below $60,000, analysts warn.
Analyst DonAlt, with 566,900 followers on social media platform X, told his followers that unless Bitcoin regains support at key levels on the weekly chart, it may remain bearish.
“BTC Update: The bad bearish retest played out. Uncertain if the bad support will play out again. Caution is advisable until $63,800 is regained or lower support is reached. Assume the risk is gone until then.”
Bitcoin hit a low of around $59,700 in the past 24 hours but has since recovered some 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 about how low we would go if this range breaks. Almost everyone I see in timelines and chats is temporarily bearish and considers a few points when talking about the bottom. They completely fail to consider Bitcoin even hitting $40,000 again. It’s short-sighted, and the reason is obvious.”
Meanwhile, prominent analyst Benjamin Cowen told his 802,000 YouTube subscribers that based on the historical correlation between Bitcoin and the 10-year Treasury yield, Bitcoin might be in a downtrend.
“One of the reasons you often see Bitcoin sell-off is when longer-term yield curves start to rise… But if you look at the 10-year yield, you’ll notice that when the 10-year yield really surged from July 2023 to October 2023, Bitcoin was declining. If you look at the previous year, 2022, when it surged into October, that’s when Bitcoin was declining. So if the 10-year Treasury yield surges again in October, it might correlate with some seasonal weakness that Bitcoin just displayed.”
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