Bitcoin Could Plummet to $39K Before Reaching Bottom, Analyst Warns

Pseudonymous crypto analyst NoName warns that Bitcoin could still drop to $39K before reaching its bear market bottom.

The current price of around $63,000 is nearly 50% below the record high, causing traders to remain divided over whether the worst of the bear market has passed.

NoName believes that an unfilled fair value gap above the current price may be completed before a final drop toward the $39,000 to $49,000 range.

The analyst expects Bitcoin to first enter and fill the gap before falling immediately or within one to three days into what they described as a multi-week search for a bottom between $39,000 and $49,000.