Bitcoin analysis paints a bearish picture with BTC price targets extending below $40,000.
From a fresh BTC price dip as soon as April 16 to a retreat to $40,000 long-term, Bitcoin market observers weigh in on where the market is headed.Traders and analysts are lining up to consider where the market might bottom — and how soon this could occur.Utilizing the Elliott Wave method, he suggested that a final down move could come imminently, taking Bitcoin to around $59,000.
Uploading a chart to X, Hyland noted that BTC/USD had lost the support of its 10-week simple moving average , with this currently lying at $64,130. CVDD measures the number of days a coin has been in its wallet when it moves on chain and multiplies this by the current price.
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