Wolfe Research Analyst: Bitcoin Could Return to $50,000 Low Zone in Coming Weeks

Rob Ginsberg, a chart analyst at Wolfe Research, said: ‘Things are not looking good across the cryptocurrency space at the moment, with Bitcoin still stuck in a downward spiral, with the price gradually falling from its March highs. While a brief breakout would be very favourable, we still respect the general trend. Bitcoin could return to the bottom of the range, in the region of the $50,000 lows, in the coming weeks.

Bitcoin's trend has been deteriorating with a series of lows and lows since it topped out in March, and unless that trend changes, either through a breakout or a more gradual reversal, we will continue to remain bearish on bitcoin's price in the short to medium term.’