Bitcoin (BTC) price has declined by more than 3% over the last seven days, with the bulk of gains accrued from the Aug. 5 low at $49,500 being erased. Bitcoin's price is down 20% over the last 90 days, and its daily trading volume has dropped by 32% over the same period. However, several indicators hint at a deeper correction, making a swift recovery from the current price level unlikely.

Analysts say Bitcoin could drop to $50,000. Bitcoin's downtrend has led analysts at 10x Research to predict prices in the low $50,000 range. Markus Thielen, an analyst at 10x Research, shared a chart showing that the latest correction saw Bitcoin price drop below the ascending trendline of an asymmetrical triangle, projecting a retest of the Aug. 5 lows below $50,000.

Michael Van de Poppe, the founder of MN Capital, has a similar target for Bitcoin. Van de Poppe noted that Bitcoin broke below the Aug. 15 low at $56,000 to collect the demand-side liquidity lying under it, but this did not produce the required upward bounce, putting Bitcoin at risk of further declines to "$53k or even $49K," before bouncing back.

Source: https://cointelegraph.com/news/how-low-can-the-bitcoin-price-go

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