Analysis presents contrasting view on potential Bitcoin price decline, challenging ‘black swan event’ notion

Bitcoin (BTC) is facing downward pressure, with its price dropping by up to 15% since the weekend. Traders and analysts are now considering where the market might bottom out and how long it will take to recover. Analysts are predicting that BTC could reach a final price dip of $59,000 by April 17th. Despite a brief rebound after hitting $61,000, BTC/USD is currently hovering around $62,000. Analyst Mark Cullen believes that BTC is set for another drop towards the $60,000 resistance level. Using the Elliott Wave method, he suggests that BTC could reach $59,000 in the near future. This would be the lowest price since late February and the biggest drawdown from recent all-time highs, representing a 20% drop. Another analyst, Matthew Hyland, points out that BTC/USD has lost support from its 10-week simple moving average (SMA) at $64,130. This has not happened since mid-2023. Binh Dang, a contributor to CryptoQuant, predicts that BTC could stay at lower levels for a longer period before recovering. His Adjusted Cumulative Value Days Destroyed (CVDD) metric suggests that BTC may need to reaccumulate at a lower price before rechallenging its highs. However, Binh does not expect the current downward trend to reach panic levels like the COVID-19 crash in March 2020. The worst-case scenario, according to Binh, would be a drop to just under $40,000. It’s important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions.