Bitcoin’s downward price trend continues, with a plunge to a ten-day low of $46,000 just a few hours ago. The bitcoin market value has dropped by $250 billion in three days, putting most altcoins on a similar path.
After hitting a one month high of $52K on December 27th, Bitcoin began to drastically depreciate in value. It sank to $49,000 in hours on Tuesday, as stated, before dropping to $48,000 yesterday.
The problem has only gotten worse in the last 24 hours, as BTC has plummeted to $46,000, its lowest price in ten days. Bitcoin is currently trading approximately $1,000 higher, although it is still down nearly 2% on the day and has a market capitalization of less than $900 billion.
BTC Price Set to Collapse Further?
There’s an argument to be made for another significant collapse, according to a widely followed crypto analyst who predicted Bitcoin’s big correction in May of 2021.Dave the Wave,provides his followers with a list of warning signs that Bitcoin is on its way to a drop as low as $25,000.
A decrease to $25,000, according to Dave the Wave, would align with five separate technological measures.
If a head and shoulders pattern, which is a price structure used to predict a trend reversal, plays out, the analyst believes a drop to $25,000 may be a viable target.
Finally, the analyst considers a scenario in which Bitcoin sinks to roughly $28,000 before rising above the six-figure level as early as May 2022.