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<p>Hong Kong’s spot Bitcoin and Ethereum ETFs disappoint, observers express dismay. No surprise as Bitcoin continues to struggle to climb back up, losing about 4% at the start of the week. One question remains: how low can the price of Bitcoin go?</p> 
<h2 id="h-bitcoin-downtrend-how-low-will-it-go">Bitcoin Downtrend: How Low Will It Go?</h2> 
<p>Despite hopes of a <strong>bull run after the halving</strong>, Bitcoin is slow to take off, undermining the optimistic projections of Robert Kiyosaki, author of “Rich Dad Poor Dad,” and his financial circles, who were betting on <strong>Bitcoin reaching 100,000 or even a million dollars in the near future</strong>. It seems that a revision of these forecasts is necessary.</p>
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<p>Bitcoin’s price is in freefall! The current correction follows a <strong>descending wedge pattern</strong>, with two trend lines converging towards a peak estimated at about 54,000 dollars. According to <a href="https://cointelegraph.com/news/how-low-can-the-bitcoin-price-go" target="_blank" rel="noreferrer noopener">analysts</a>, Bitcoin could fall to this level by June if the current trend continues.</p> 
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   Bitcoin Daily Price Chart – Source: TradingView
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<p>The target of the <strong>descending wedge</strong> is <strong>around 63,880 dollars</strong>, representing an increase of about 3.5% from current price levels. In other words, each dip could offer a buying opportunity.</p>  
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<p>However, some forecasters are less optimistic. <strong>Peter Brandt</strong>, an experienced trader, believes that Bitcoin’s price could dive towards the <strong>40,000 to 50,000 dollar range</strong>. According to him, Bitcoin has failed to surpass its previous highs despite the halving and ETFs. He even predicts a dive into the “early 40s” followed by a recovery.</p> 
<p>Brandt bases his prediction on a <strong>descending triangle</strong> that developed after Bitcoin failed to reclaim its previous record of 69,000 dollars. He warns that <strong>if Bitcoin breaks the lower trend line of the triangle, it could fall to 48,550 dollars</strong>, a drop of over 20% from current price levels.</p> 
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<h2 id="h-the-2021-fractal-indicates-more-pain-ahead">The 2021 Fractal Indicates More Pain Ahead</h2> 
<p>From a technical perspective, the recent correction in Bitcoin’s price is accompanied by a <strong>drop in the weekly Relative Strength Index (RSI)</strong>, which exited its overbought zone. This move has brought the RSI below a several-months’ ascending trend line, reminiscent of the trend before a steep price correction in 2021.</p> 
<p>In 2021, BTC had dropped towards its 50-week EMA (the red wave), suggesting the possibility of a repeat of the same pattern in 2024. <strong>Therefore, the BTC downside target is around 46,110 dollars</strong> by June, the level corresponding to the 0.618 Fibonacci retracement line.</p> 
<p>A significant break below the 50-week EMA could send the price towards the 200-week EMA, around 32,410 dollars, a drop of about 58% from current price levels.</p>

Bitcoin: A Worrying Technical Correction!

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