Despite the gloomy outlook, Bitcoin could prevent more downside pressure if it manages to remain above the $51,000 mark.
Crypto analysts warn that the current Bitcoin sell-off could lead to lower lows, potentially threatening a dip below the $45,000 mark.
Bitcoin (BTC) price fell over 12.8% in the past 24 hours, to trade at a five-month low of $52,369 as of 10:13 a.m. in UTC, according to Cointelegraph data. Bitcoin was last trading at this level at the end of February 2024.
Yet, Bitcoin’s downtrend could potentially extend to the $42,000 mark, according to Alex Kuptsikevich, senior market analyst at FXPro.
