Bitcoin Plummets Towards $44K as Analyst Warns of Further Decline

Bitcoin's price has been under selling pressure lately, and one analyst thinks that if it breaks below $63,760, it could drop to $44,000 or even lower before this bear market ends.

The analyst is watching closely a support zone between $59,356 and $62,492, saying that if Bitcoin fails to hold this range, it could signal the start of a new leg down for the cryptocurrency.

A deeper bearish scenario would see Bitcoin's price continuing to decline towards $44,000 or even lower, with a possible target near $39,000 later this year if that path plays out.

However, the analyst also pointed out that Bitcoin's current price action lines up reasonably well with a classic accumulation pattern first documented by market analyst Richard Wyckoff in the early 1900s.

This pattern typically unfolds in five phases, including an initial downtrend and a sharp final flush below prior support before price quickly reclaims that zone on lighter volume. If this pattern continues to play out, Bitcoin might only need to dip modestly into the low to mid $50,000s before finding real buying interest.

The analyst also noted that historically, the 200-week moving average has marked the general area where past bear market lows have formed, and Bitcoin's current price sits close to that level right now.