Bitcoin bears have pulled the price below the support of the range, starting a potential downtrend toward $49,000.
Bitcoin (BTC) has been in a sideways price action pattern for several months, but the bears are trying to seize control. The resolution of the large $55,724 to $73,777 range in favor of the sellers could start a downtrend.
Arthur Hayes, former CEO of crypto exchange BitMEX, has projected Bitcoin to fall below $50,000. A similar view was offered by veteran trader Peter Brandt, who has a target of $46,000 for Bitcoin.
Crypto market data daily view. Source: Coin360
