The dramatic fall, which had been predicted by some analysts, casts fresh doubt on claims that BTC can hit $98,000 by the end of November.
Bitcoin came perilously close to falling below $60,000 on Tuesday after plunging by more than 7% in 24 hours.
The dramatic fall, which had been predicted by some analysts, casts fresh doubt on claims that BTC can hit $98,000 by the end of November.
Ether has fared even worse over the same timeframe — down 8.2% — with both cryptocurrencies shedding 10% of their value over the past week.
Prior to the plunge, crypto trader and economist Michaël van de Poppe had warned Bitcoin's "weekly doesn't look too great and daily doesn't either."
Others, such as technical analyst Justin Bennett, believe the bull market will "probably" last six to twelve months longer than most people expect.
He argued that any prospect of BTC peaking in December and January diminishes as the cryptocurrency continues to trade sideways — and for this narrative to hold, prices of $80,000 to $90,000 would need to be seen within the next two weeks. Bennett added:
"Barring a massive fundamental catalyst, I don't see that happening."
Bennett stressed that "lots of support" remains around the $60,000 zone for now, but it will take more capital and time to push prices higher. He thinks the peak in this current cycle will be between $207,000 and $270,000.
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Charts for Everything
Here's the problem with navigating the choppy waters of Crypto Twitter: there will always be one chart or another that can be used to suggest the current climate is extremely bullish, no matter how challenging things are.
Nonetheless, there does still seem to be a belief that Bitcoin's prospects remain healthy — even if prices fall a little further.
Vijay Ayyar, head of Asia-Pacific at the Luno crypto exchange, told CNBC:
"I think we're seeing a healthy pullback after a seven-week rally from $40,000 to $69,000, which is normal in an upward trend."
Despite all of this assurance that Bitcoin's best days are yet to come, bulls face a nervous wait to see whether new all-time highs will be forthcoming.
