Anyway, the bear is here, it's a drop, let's take it one step at a time.
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Binance News
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Analysts say the worst-case scenario for Bitcoin is dropping to $55,000
According to Cointelegraph, a crypto analyst believes that the biggest pain for Bitcoin in this cycle will be dropping to $55,000, rather than the $35,000 predicted by some. Analyst Sykodelic stated that for Bitcoin to retract 75% it needs to fully expand, which has not happened in this cycle. Bitcoin is currently down 31% from its high of $126,000 at the beginning of October.
Analysts pointed out that the Bitcoin price has never dropped below the Bollinger Bands in a monthly timeframe. They compare this cycle to 2017, believing that even the weakest expansion should not lead to the deepest contraction. Jeff Ko believes that even dropping to $55,000 is unlikely, expecting Bitcoin to return to between $65,000 and $68,000.
Analysts pointed out that the Bitcoin price has never dropped below the Bollinger Bands in a monthly timeframe. They compare this cycle to 2017, believing that even the weakest expansion should not lead to the deepest contraction. Jeff Ko believes that even dropping to $55,000 is unlikely, expecting Bitcoin to return to between $65,000 and $68,000.
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