👨🏻💻Analysts on social media have drawn parallels between the recent decline and the historical crash known as 'Black Monday' in 1987, when major stock indices around the world plummeted sharply, and the Dow Jones index in the U.S. fell by 22.6%.
🐻'Bearish sentiment is at an all-time high,' noted an analyst from The Kobeissi Letter. The AAII Sentiment Survey recorded a record 61.9% bearish forecasts, which is twice the average figure.
👨🏻🦰For Michaël van de Poppe, the 'Black Monday' of the cryptocurrency market has already arrived. 'I think we will see a rollercoaster for 1-2 weeks, during which BTC will test the lows. From there, it could drop to $70,000.' Analyst Rekt Capital suggested that Bitcoin might find support near the $70,000 mark — a level corresponding to the low of 2021. Based on the analysis of the Relative Strength Index (RSI), he noted: 'Based on historical trends of the daily RSI in this cycle, the bottom of the current correction will be in the range from current prices to ~$70,000.'