Bitcoin Still Bearish, Price Could Drop Below $50,000, Analyst Warns - Crypto Economy

TL;DR:

• Analyst HAMED_AZ identifies a descending channel on the daily chart, noting that the current recovery is only temporary relief before a major correction.
• A potential 40% drop from current levels is estimated, which would place the market bottom near $47,000, 60% below its all-time high.
• The critical resistance zone is located between $79,000 and $82,000; until this range is surpassed, market control will remain in the hands of the bears.

According to the most recent technical projections, Bitcoin remains bearish; in fact, these suggest that the pioneer crypto has failed to consolidate its uptrend despite recent recovery attempts. The market remains cautious as the asset struggles to hold within vital short-term support structures.

In this context, technical analysis reveals that Bitcoin’s price continues to trade within a descending channel after losing the key support at $79,000. With an RSI reflecting weakness in buying momentum and a market cap facing constant selling pressure, the risk of a capitulation toward the $47,000 demand zone increases significantly.


Technical projections and the risk of a 40% drop

Currently, the market is extremely cautious. Analysts maintain that if the price shows signs of rejection or weakness when approaching the upper supply zone, the continuation of the trend in red will be confirmed.

However, an alternative scenario exists with the bulls taking control; but for this to happen, it is crucial for Bitcoin to close above $82,000, breaking the upper limit of the current channel and validating a structural trend change.

In summary, the current outlook for the pioneer crypto remains under heavy selling pressure. The possibility of seeing prices below the psychological $50,000 mark is real if the asset fails to reclaim the mentioned technical resistance zones in the coming days.