Analysts Warn Bitcoin Could Drop to $54,000 Range Within Next 5 Months

Odaily News Crypto market analyst Wedson stated that Bitcoin's 720-day Tactical Bull-Bear Sentiment Index has fallen into the extreme bearish zone, indicating that long-term market fear may be nearing its end. Historically, low levels of such indicators are often accompanied by a so-called "last shakeout," after which Bitcoin enters a more robust rebound phase. For example, when this indicator was low in 2022, Bitcoin fell over 20%; in a similar situation in 2018, Bitcoin dropped approximately 50%.

Wedson warned that Bitcoin could experience a sharp decline of around $15,000 over the next five months, meaning BTC might drop from its current price to around the $54,000 price zone. This suggests the $50,000–$55,000 range is a critical support level for Bitcoin. Nevertheless, recent large Bitcoin purchases by Strategy have absorbed some selling pressure, potentially limiting the downside and making an extreme bearish scenario not entirely inevitable. (Cointelegraph)