Bitcoin Faces Potential Drawdown as Analysts Predict Lower Price Bottom
- Bitcoin is struggling to break above the $70,000 resistance zone.
- Market analyst Yonsei_dent suggests a potential price bottom between $31,500 and $38,000.
- The Bitcoin Supply in Profit metric indicates a possible drawdown of up to 75% from its current market value.
- As of now, Bitcoin trades at $63,553, having lost over 45% since October.
- Daily trading volume is slightly up by 0.54%, valued at $40.04 billion.
The ongoing struggle of Bitcoin to surpass the key resistance level suggests continued market vulnerability to further corrections or consolidation phases.
With a potential drawdown range identified by Yonsei_dent, Bitcoin‘s price could see a significant decline from current levels if historical patterns repeat. (Source)
