Bitcoin Faces More Downside as Model Points to $74K Bear-Market Floor

Bitcoin (BTC) fell below $94,000 on Friday, reaching its lowest point since early May and erasing over $1 trillion from the total crypto market valuation since October. This sharp drop has now led investors to question the depth of the current downturn, with a new analytical model suggesting a potential bear market floor of $74,000. Market Under Pressure Market technician Axel Adler Jr. said earlier today that his valuation model identifies two major downside markers: $87,000 and $74,000. He described these levels as the most important zones to watch during this phase, arguing that on-chain activity now places both thresholds firmly within reach. Fellow analyst Egrag Crypto compared the current market rhythm to patterns seen in 2017. He pointed out that Bitcoin is completing its seventh dip of the cycle and noted that in both cycles, declines became smaller before a sharp climb. Still, that view clashes with the near-term...

https://cryptopotato.com/bitcoin-faces-more-downside-as-model-points-to-74k-bear-market-floor/