How Low Can Bitcoin Price Go?
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Bitcoin is starting December under pressure after an 18% fall in November, its worst November since 2018. With this sharp drop, many traders are now asking whether the worst is over or if more downside is coming.
Prominent crypto analyst CrypNuevo warns that Bitcoin still faces strong resistance at $80k before the price begins to rally.
BTC Price Expected to Retest $80KAccording to CrypNuevo, a key warning sign is that Bitcoin is now trading below the 1-week 50 EMA, a strong line that usually decides whether the market is bullish or bearish. As long as BTC stays under it, the risk of revisiting the $80K support grows.
Meanwhile, December has already started weakly, with Bitcoin dropping around 5% and currently trading near $86,743.
The analyst also notes that the current price pattern looks very similar to February–March this year, when Bitcoin went through a sharp liquidation drop, bounced, got rejected by the daily 50 EMA, revisited the lows, and only then made a strong breakout to new highs.
$BTC Sunday update:
This looks similar to the Price Action back in Feb-March this year.
Drop with a liquidation cascade > quick recovery > 1D50EMA rejection > back to lows > bounce above the 1D50EMA > end of correction and new highs
Let's discuss a couple scenarios: