Ongoing Bitcoin Slump: 14-Month Lows Ignite Worries of a Further Plunge Under $60K

Bitcoin's recent slump, reflecting the wider crypto market downturn, has analysts predicting further declines, potentially falling below $60,000. The leading cryptocurrency recently fell below $70,000, a first since November 2024, and currently trades around $69,300 - a 21% drop in a week. Analyst Ali Martinez suggests a drop to $57,600 is possible, while a trader using the handle Hardy predicts a decline to $30,000. PlanB, the anonymous creator of the Stock-to-Flow model, also foresees a possible drop to $25,000. A recent surge in BTC held on exchanges, viewed as a precursor to sale, supports this bearish outlook. However, indicators such as the Relative Strength Index, currently at 19, suggest a potential rebound.