Bitcoin (BTC) Experienced Its Worst Month in Four Years! But According to an Analyst, the Bear Isn’t Over Yet: The Decline Could Continue to...

The leading cryptocurrency, Bitcoin, recorded a weekly candlestick below its critical 200-week moving average (WMA) for the first time since October 2023.

According to market experts, the 200-week moving average is historically considered the ultimate “line” separating bull and bear markets. Therefore, when Bitcoin falls below this level, it is accepted that there will be a change in the long-term trend, and it is predicted that this break could determine Bitcoin’s next price movement.

Furthermore, Bitcoin also recorded its worst monthly close since June 2022. Despite Bitcoin falling by approximately 20% in June (its worst monthly performance since June 2022), the risk of further decline does not appear to be over.

Market analyst Omkar Godbole argues in his latest analysis that despite Bitcoin experiencing a 20% drop in June, a strong bearish Marubozu pattern has formed on its chart.

According to the analyst, the Marubozu pattern is a full candlestick with almost no wick, indicating that the market was controlled by sellers throughout June.

Therefore, in the market, this formation is generally seen as a signal that a strong downtrend will continue.

Due to this technical formation, the analyst predicts that BTC could experience one more drop to between $48,000 and $55,000, which could form a potential bottom.

*This is not investment advice.