Bitcoin experienced a 7.72% drop to $60,000, with warnings of a potential fall to $52,000

From Investing.com

October 3, 2024 2:30:22 pm:

The crypto market experienced pressure at the beginning of October, with Bitcoin (BTC) dropping 7.72% to $60,000, causing a total loss of nearly $200 billion in digital assets except for Bitcoin.

Analysts like Ali Martinez warn of a potential bearish pattern for Bitcoin, predicting a fall to $52,000 if the descending parallel channel becomes the dominant pattern.

A descending parallel channel, characterized by two descending trendlines, usually indicates a bearish sentiment, with traders monitoring the price below the upper trendline and testing the lower trendline frequently.

Bitcoin’s failure to break above $66,000 signals a potential move towards the lower boundary of the range, with $52,000 being a crucial support level. If Bitcoin fails to hold above $52,000, further declines could be expected, prompting market participants to closely monitor the situation to manage risk.

Read more at Investing.com: Worrying Bearish Pattern Threatens Bitcoin Fall to $52,000 By U.Today