Bitcoin may need to plunge 15% or more to mark bottom, according to this long-time indicator

Bitcoin's price may need to fall by at least 15% to reach a market bottom, according to a long-time indicator cited by CoinDesk. The cryptocurrency is currently testing its 200-week moving average, a significant technical level. On-chain data suggests that the $50,000 to $54,000 price range could emerge as a critical area of support or resistance in the near future. This potential downturn follows a period of volatility for Bitcoin, which has seen its value fluctuate considerably in recent months. Analysts are closely watching these technical levels and on-chain metrics to gauge the sentiment and potential trajectory of the digital asset. The 200-week moving average has historically served as a key indicator for long-term market trends in Bitcoin. A sustained break below this level could signal further downside pressure, while holding above it might suggest resilience. The $50,000 to $54,000 zone represents a concentration of previous trading activity and investor interest, making it a focal point for market participants.