Bitcoin on verge of largest ‘price drawdown’ of the bull market — Analyst 📉
Bitcoin is experiencing a significant 26.62% price drawdown from its all-time high of $109,500, marking the deepest drop in the current bull market cycle. According to CryptoQuant's Julio Moreno, this decline is impacting the market dynamics and signals challenges for Bitcoin's immediate recovery.
Historically, Bitcoin has experienced more severe drawdowns, such as an 83% drop in 2018 and a 73% correction in 2022. This current downturn, while substantial, hasn't reached the intensity of previous bear markets. Analysts from 'ecoinometrics' highlight that Bitcoin's recovery might struggle due to its correlation with the NASDAQ 100, which currently remains flat year-on-year.
The recent price slump has also pressured Michael Saylor’s Strategy, leading the firm to refrain from purchasing BTC for its treasury despite the price dip. Bitcoin's performance is further influenced by critical market levels, with weekly charts testing the 50-weekly exponential moving average for the first time since September 2024.
Anonymous trader Rekt Capital predicts that the current price range, or modest downturn to about $70,000, might represent the bottom of the correction, based on historical RSI trends.
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