Opinion: If Bitcoin falls below the "bull-bear dividing line" 50-week moving average, it may face a 60% decline
ChainCatcher News, according to analyst @ali_charts, if bitcoin falls below the "bull-bear dividing line" 50-week moving average, it signals the arrival of a bear market. This pattern has been confirmed by the price movements in 2011, 2014, 2018, and 2020.
If the previous trend repeats, bitcoin will face a 60% drop, which means it could bottom out around $40,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Preliminary University of Michigan Consumer Sentiment Index for November in the US is 50.3
Data: US Consumer Confidence Index Drops to Second Lowest Level in History, Recession Risks Increase
U.S. stocks extend intraday losses, Nasdaq drops over 2.1%
