Crypto analyst CryptoCon_ recently posted on X that Bitcoin is currently experiencing one of its most aggressive declines yet. According to CryptoCon_, the 200 SMA Wave indicator is calling for Bitcoin to return to the top of the wave to retest the key moving average level around $28,000.
While some optimists believe the recent drop to $38,000 may signify the end of the decline after Bitcoin’s monumental 90% price surge, CryptoCon_ cautions that historical market cycles point to potential further downside.
Specifically, the harsh end expectation is for Bitcoin to plunge as low as $28,000 – retesting the key 200 SMA level – before finding renewed buying interest. A more moderate target would be in the low $30,000s if the selling pressure eases up. But CryptoCon_ asserts that the complacency in the market following the meteoric rise to $49,000 may fuel increased selling activity first before support kicks in.
CryptoCon_ concludes by noting that greed peaked around $49,000 and now a period of complacency is setting in among Bitcoin investors and traders. This complacency could fuel further selling activity, taking the leading cryptocurrency back towards the 200 SMA around $28,000 before finding renewed buying interest.
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