The price of Bitcoin, the leading cryptocurrency, has dropped by 10% in the last two days, reaching $86,000. Glassnode analysts warn that the downside risk may persist.
Continued Selling Pressure in the Bitcoin Market
Glassnode analysts report that the recent decline has resulted in Bitcoin's price falling below $92,500, a significant level for short-term investors. Failure to recover beyond this level could mean continued selling pressure.
Historical Trends and Prediction of a Drop to $71,000
Glassnode points out historical trends indicating the possibility of a drop to $71-72 thousand. Historically, after previous all-time highs, Bitcoin's price has declined to one standard deviation below the short-term investor cost base.
Experts' Predictions and Opinions on Bitcoin
BitMEX co-founder Arthur Hayes has also stated that Bitcoin's decline could continue to the $70,000 level.
Currently, analysts keep an eye on key Bitcoin levels, which may indicate potential recovery or continued decline.
