Bitcoin Faces Potential Bear Market if Key Support Level Breaks

According to BlockBeats, analyst @ali_charts suggests that Bitcoin may enter a bear market if it falls below the 50-week moving average, often referred to as the 'bull-bear dividing line.' This pattern has been observed in previous years, including 2011, 2014, 2018, and 2020. If Bitcoin's price movement mirrors past trends, it could experience a 60% decline, potentially bottoming out around $40,000.