BEARISH 📉 : Bitcoin Analyst Warns of Potential Further Drop Before Bottom

Crypto analyst Maelius has analyzed Bitcoin's historical performance, suggesting it may drop below $60,000 before finding a bottom. He pointed to BTC dominance (BTC.d), which hasn't yet seen a significant sell-off, indicating Bitcoin might not have peaked.

Maelius noted the 2017 and 2021 cycles saw massive sell-offs and a bottom in BTC.d shortly after Bitcoin topped.
The analyst mentioned that Bitcoin might still reach previous highs as BTC.d needs to experience a crash.
He expressed confidence in higher prices soon due to bullish market structure despite current trends.

Bitcoin

Another analyst, Benjamin Cowen, reiterated Bitcoin has already topped, typically hitting its peak in the fourth quarter of post-halving years. He believes the bear market will continue until the end of the year.

Cowen forecasts accumulation between 2027 and 2028, leading to an uptrend from 2029 to 2030.
He predicts Bitcoin could reach $300,000 to $500,000 by 2032, with a subsequent bear market in 2033-2034.
Bitcoin is anticipated to reach $1 million between 2040 and 2042.

Currently, Bitcoin is trading at approximately $83,900, according to CoinMarketCap.