Bitcoin and altcoins experienced sharp declines yesterday and these declines may continue according to an analyst. Speaking to Business Insider, Fairlead Strategies analyst Katie Stockton said Bitcoin could fall to as low as $84,500 in the face of overbought conditions. Stockton said Bitcoin is giving “overbought” signals during its recent rally, and therefore there is a risk of a double-digit decline. Stating that the decline in Bitcoin could continue to $84,500, the analyst added that the price could fall even further if there are harsher sales. Adding that Bitcoin could find secondary support at $73,800, the expert said that if the sales are harsher than expected, the decline could drop to 25 percent. “We expect Bitcoin to recover from the drop. However, we expect the pace of recovery to slow and reach a lower peak than the December peak. “There is an active overbought decline in the weekly dynamics and new overbought signals in the daily dynamics, so we think the upside will be limited in the near term.” Stockton said he expects a limited upside in the near term but remains optimistic about a longer-term rally. *This is not investment advice. Continue Reading: How Long Will the Fall in Bitcoin Price Continue? What Levels Can Be Seen? Famous Analyst Gave Two Levels for Bitcoin!
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