How Low Can Bitcoin Price Drop in This Crypto Market Crash?

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Bitcoin is experiencing a tough market situation right now. Its price currently remains around $55,000. The fall of BTC below the crucial level of $58,000 created a panic in the entire crypto market. It was unexpected by many. Now, the crucial question that bothers every bitcoin investor is how far this downtrend will pull down the price. A post recently published in X by a crypto technical and on-chain analyst, Ali, has some important points to share. Here is what the expert says! 

Bitcoin’s Key Price Levels

In the past, what Ali primarily discusses is support and resistance levels. As per his view, the main demand wall or support level for Bitcoin sits around $47,000. He wants bitcoin traders and investors to closely monitor this level. He opines that if the price falls below this level, it may lead to increased selling pressure and thus a significant price dip. According to Ali, the prime resistance remains near $61,000. He states that this resistance level serves as a significant barrier that Bitcoin must overcome to regain upward momentum. As per his view, to reignite a bullish sentiment, a sustained move above this resistance level is needed. 

Bitcoin Market: A General Overview 

In the last 24 hours, the price has seen a fall of 4.1%, and in the last 7-days, it has observed a dip of 11.5%. In the last four days, the price has witnessed a sharp fall. On June 5, the price was around $71,132. It was on June 24 that price slipped below $61,000 for the first time since May 10. Later, buyers pushed the price up slightly. But, when a huge selling pressure emerged on July 2, the market plummeted sharply. If this downturn continues in the coming days, there are chances that the price will touch the said support level of $47,000.

If the analyst’s analysis is believable, the Bitcoin traders should closely watch the suggested levels. Do you agree with what this crypto analyst says?