Crypto Analyst Predicts 60% Bitcoin Price Crash to $49,000

Crypto analyst Melika Trader warns of a potential 60% crash in Bitcoin's price, possibly dropping it to $49,000. Key points include:

Bitcoin is above a critical support zone recognized by traders on Binance.
A drop below the former trend line at $75,000 could trigger this decline.
The previous support around $83,000 has been lost.
Most trading activity occurred below $35,000, suggesting limited losses for many traders.
Long-term holders entered during the 2022/2023 accumulation phase.
Current data shows that most investors are still profitable or break-even even if prices fall significantly.

In related news, CryptoQuant’s CEO Ki Young Ju claims BTC’s bull market is over, citing the 'Realized Cap' metric as evidence of stagnant prices despite capital inflows. He emphasizes:

Market conditions indicate a bearish environment with significant sell pressure.
Large purchases, such as those from MicroStrategy, have not positively impacted prices due to selling pressure.
Historical trends suggest that reversals typically take at least six months.

As of now, Bitcoin trades around $77,000, down over 7% in the last 24 hours according to CoinMarketCap.