Following Bitcoin’s (BTC) dip below the $60,000 level, analysts are warning that the crypto king is at risk of moving even lower.
The analyst pseudonymously known as DonAlt tells his 566,900 followers on the social media platform X that Bitcoin could remain bearish unless it reclaims a key level as support on the weekly chart.
“BTC update: shitty bearish retest did its job. Not sure if shitty support is gonna do its job again. Makes sense to be cautious everything until $63,800 is regained or until lower supports are hit. Until then assuming risk is off.”
Bitcoin dipped to a low of around $59,700 in the last 24 hours, but has since regained some of its losses and is trading for $60,243 at time of writing.
Pseudonymous analyst the Flow Horse says that it may be time to consider that it wouldn’t be impossible that Bitcoin could decline to the $40,000 range.
“The market is still lulled into a sense of overconfidence about how low we could go if this range breaks down. Almost everyone I see on my timeline and in chats, who only momentarily get bearish, thinks in terms of a few points when it comes to lows. They are completely unwilling to consider Bitcoin even reaching the $40,000s again. This is shortsighted for obvious reasons.”
Meanwhile, widely followed analyst Benjamin Cowen tells his 802,000 YouTube subscribers in a new video that Bitcoin may be heading lower based on its historical correlation with the rate for 10-year yields (US10Y).
“One of the reasons why you often see Bitcoin sort of fade can be when the longer yield curve is starting to rise… but if you look at the 10-year yield what you’ll notice is that when the 10-year yield is really spiking like it was back over here really starting in July [2023] and going into October [2023], that was when Bitcoin was fading. And if you look at the year before [in 2022], when it was spiking into October, that was when Bitcoin was fading. And so if the 10-year yield is starting to spike here again into October, that could correspond with Bitcoin just showing some of that seasonal weakness.”
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