How low can the price of BTC go? Bitcoin analysis points to 45 thousand dollars

Bitcoin (BTC) can go much lower and still maintain its bull market and historical record.

That's a recent BTC price analysis that shows a good picture of how BTC/USD is performing despite a 10% swing in 24 hours.

BTC price bull market often pulls to 40%

Bitcoin is still on the path to new macro highs, long-term market participants agree.

While BTC price volatility will increase with 2021 all-time highs around $69,000, Bitcoin's current bull run will remain fully intact.

According to data from Cointelegraph Markets Pro and TradingView, this trend remains despite a deeper correction from the current level around $68,000.

In a March 15 comment on X, an anonymous trader known as Bag focused on the upcoming blockchain subsidy halving.

Contrast that with previous half-cycles, all of which saw major price retracements of about 40% before the event, only to reverse into price gains later.

“Currently -38% off $73.5k = $45.5k,” he wrote.

While inflows from the United States into Bitcoin exchange-traded funds (ETFs) have lulled the market in a way that has not been the case in previous cycles, Purser said that every previous bull market has its own motivations, yet it has not prevented a crash.

Bitcoin is approaching the “danger zone”.

Notable trader and analyst Rect Capital also sees price performance halving.

Related: Bitcoin bull Cathie Wood: ARK Invest BTC price target ‘well above' $1M

Although Bitcoin will hit a new all-time high before halving in 2024 – a rare event – ​​the timing suggests that the classic bull market is about to post.

In the chart attached to X, compare this year in 2020 with the behavior of the previous half year.

“Technically, Bitcoin is still at the pre-halving rally stage[light blue],” he explained.

“However, Bitcoin is on the verge of transitioning from a ‘pre-halving rally' phase to a ‘pre-halving retreat' phase (orange and dark blue circle).

A further post warned that BTC/USD is about to enter the most dangerous part of the pre-halving stage, which it calls the “danger zone”.

“Historically, Bitcoin has done pre-halving retracements 14-28 days before it splits,” he said.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.