History Says Bitcoin (BTC) May Fall 60% If This Key Support Fails to Hold

Bitcoin is testing a key level that has previously marked the start of major market ￰0￱ 50-week simple moving average (50W SMA), now near $102,000, has served as a long-term support line in multiple past ￰1￱ failure has often led to extended ￰2￱ of press time, the asset was priced at $103,000, showing a modest 1% gain over the last 24 ￰3￱ the past week, it has declined 7%, with daily trading volume near $61.7 billion. 50W SMA and Historical Breakdown Patterns Market history shows that each time Bitcoin lost the 50W SMA, a sharp correction ￰4￱ Ali Martinez pointed to several examples where this support failed: a 50% drop in 2011, 67% in 2014, 60% in 2018, and 66% in late ￰5￱ 2020 crash during the COVID outbreak also saw a 55% decline after the same ￰6￱ stated, “Bitcoin has seen an average 60% drop each time it has lost the 50W SMA as support.” Based on that pattern, a confirmed break below $102,000 could project a potential move toward $40,000.

This level is now being viewed as a make-or-break area for Bitcoin’s longer-term structure.) May Fall 60% If This Key Support Fails to Hold appeared first on CryptoPotato .