Bitcoin Price Plummets as Analyst Warns of Possible $44K Crash

Bitcoin's price is under renewed selling pressure, prompting one chart analyst to examine whether this bear market is nearing its end or has further to fall. The analyst notes that Bitcoin was rejected from resistance earlier in July and has since pulled back, testing structural support near $63,760.

The analyst is closely watching a support zone between $59,356 and $62,492, warning that if it fails to hold, the next leg lower could be underway. This bearish scenario suggests Bitcoin could decline toward $44,000 or even lower still, with a possible target near $39,000 later this year.

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