In a harsh assessment of Bitcoin, the largest digital asset in the market currency, the famous crypto analyst and trader Mags warned. BTC investors, highlighting that the crypto asset may drop as low as $50,000 in the short term.
Is Bitcoin Going Down To $50,000 Soon?
Mags pointed out an important feature Bitcoin it should be able to avoid falling below the $50,000 price level. The warning comes amid a wave of pessimism and growing uncertainty in the cryptocurrency market, which has experienced sharp volatility and a generally negative outlook in recent weeks.
The analyst bases his prediction on the long-term trend of Bitcoin around the lower range, which may result in an increase or decrease in value. According to Mags, the digital asset is testing the lowest range for the fifth time since March.
He also noted that the price has been moving in a narrow range for the past few months, and a significant breakout may be in the offing. However, the price is now at an important support area that should be pulled back to prevent a more downtrendpossibly in the $50,000 mark.
Although Mags pointed out that the crypto asset has already seen a deception below $60,000, a quick recovery, and a strong run up to the high range, if the price falls below the low range again, the improvement will be considered real. breakout instead of fakeout.
The post reads:
We’ve already seen a sub-$60,000 fake followed by a quick retracement and a good run to the top. If the price falls below the lower range again, we will consider it as a real breakout rather than a manipulation.
So far, the crypto expert emphasized the absence of a significant support area before the price of $ 50,000 and $ 52,000, noting that the price keeps the range low “well,” and the general view of Bitcoin is still optimistic.
Given the recent volatility and pessimism in the market, Mags’ analysis highlights the importance of BTC staying above key support levels and improving market conditions to maintain its value.
Dips are a Good Time to Buy BTC
Over the past 3 months, BTC has been in a consolidation phase, causing fear and uncertainty among investors, many of whom sell to minimize losses whenever the asset drops.
A donation understanding on this subject, Mags advised investors not to waver as a merger or dip after the Bitcoin Halving is very common, as shown by the whole cycle. According to Mags, this long-term market decline favored BTC.
Mags pointed out that many investors mistake this distribution time or the top of the cycle. As a result, they sell early or sit out the best part of the meeting, which he believes usually starts a few months after the Selection. In addition, the analyst emphasized that these investors could miss out on a 250% profit in this cycle if BTC reaches $200,000..
Featured image from iStock, chart from Tradingview.com
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