Bitwise analyst: BTC could fall another 20% from current price

Bitcoin could fall by up to an additional 20% from its current level, André Dragosch, head of research for Europe at Bitwise, told The Block. He said support levels would be found at the 200-week moving average of $61,000 and the on-chain realized price of $56,000. If these supports fail, the price could drop to the long-term holder cost basis of $48,000. Dragosch noted that while Bitwise's proprietary "bottom-cycle probability model" began to rise last week, key on-chain indicators have not yet reached levels seen at previous market bottoms. He added that recent selling pressure originated from ETFs, creating an effect equivalent to approximately 50,000 BTC being sold. Similarly, Alex Thorn, head of research at Galaxy Digital, predicted that BTC will form a bottom in the fourth quarter of this year, trading in the $40,000 to $46,000 range. Thorn noted that only four of 13 historical bottom signals have appeared so far.