Bitcoin’s recent downturn may persist over the coming days. Crypto analyst Jesse Olsen, known for creating the Market Sniper trading bot, has pointed out<\/a> historical trends that indicate BTC might face a considerable price correction shortly.<\/p>\n Olsen suggests that Bitcoin’s price could fall by as much as 30% in the near future. He draws comparisons to previous market cycles, noting that significant corrections typically occur during strong upward trends.<\/p>\n Olsen particularly highlights the bearish crossover on the Moving Average Convergence Divergence (MACD) indicator as a signal for a substantial pullback, as Bitcoin previously underwent corrections of at least 30% thrice when the MACD indicated similar trends on the 3-day chart at higher levels.<\/p>\n The analyst has identified four critical price levels to monitor during Bitcoin’s downtrend: $92,000, $85,000, $80,000, and $70,000. If Bitcoin reaches all four levels, it might drop to around $70,000.<\/p>\n <\/p>\n While the short-term outlook seems grim, Bitcoin’s long-term prospects remain positive. This anticipated correction could serve as a reset for the market, presenting a buying opportunity for new investors before Bitcoin potentially resumes its rise toward previous resistance levels.<\/p>\n Olsen’s assessment is echoed by CoinDesk’s senior analyst, James Van Straten, who predicts<\/a> a comparable pullback in the near future. Van Straten points to significant support levels that could influence Bitcoin’s trajectory.<\/p>\n After analyzing Bitcoin’s Entity-Adjusted URPD metric, Van Straten identifies $90,000 as a critical support level for the cryptocurrency. If this support fails, it could lead Bitcoin down to the $75,000 mark, representing a potential 30% correction.<\/p>\n<\/span>Bitcoin at a Pivotal Point<\/span><\/h2>\n