Bitcoin (BTC) has suffered its steepest three-day decline since the FTX crash, shedding 15% in just 72 hours.
Bitcoin Suffers Biggest Three-Day Drop Since FTX Crash, Analyst Warns of Potential Drop to $72K
According to Markus Thielen, founder of 10x Research, BTC could potentially drop to the $72,000-$74,000 range in a worst-case scenario before staging a possible recovery.
In a report to clients today, Thielen highlighted $82,000 as a critical level based on the realized price of short-term holders (the average price at which addresses that have held BTC for less than 155 days acquired their tokens).
The fact that BTC is currently testing this level suggests that it is a potential demand area where buyers could step in.
Market Dynamics and Central Bank Liquidity
Thielen also noted a lagging correlation between Bitcoin’s price and global central bank liquidity indicators, hinting that macroeconomic conditions could continue to influence BTC’s trajectory.
Historically, Bitcoin rarely experiences losses below the price realized by the short holder during bull markets.
However, in bear markets, BTC tends to remain below this level for extended periods of time, signaling further downside risk if market sentiment does not improve.
As traders brace for more volatility, analysts are closely watching whether BTC can find strong support or extend its decline towards $70,000-$74,000 before attempting a recovery.
*This is not investment advice.
