BTC closes below 200-week MA for first time since 2022, analyst sees $41K possible

Bitcoin has closed its weekly candle below the 200-week moving average for the first time since 2022, a development that could lead to a deeper price drop, The Crypto Basic reported. The outlet noted that the last time this occurred, in the second week of June 2022, BTC's closing price was $20,552. The price subsequently fell to $16,500 by November, marking a roughly 77% decline from its previous all-time high of $69,000. Bitcoin then spent approximately 16 months below the 200-week MA before reclaiming it in October 2023. "If a similar pattern unfolds, BTC could fall to a range of $41,000 to $42,000," the report explained. However, The Crypto Basic also emphasized that a close below the 200-week MA has not always resulted in a sustained downturn. In 2015, 2018, and 2020, the price found support at the 200-week weighted moving average and initiated a rebound.