Prominent crypto analyst Trader Mayne predicts Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) may face another leg lower before long-term buying opportunities emerge.
Bitcoin Could See Another 20% Drop
Speaking on his podcast, Maybe said Bitcoin remains in a broken higher-timeframe structure, suggesting further downside may occur before a meaningful bottom form.
He pointed to a similar breakdown during the previous cycle, when Bitcoin lost its monthly structure and continued falling for months, eventually dropping more than 20%.
Based on historical drawdowns and a key yearly order block, Mayne believes Bitcoin could decline toward the $48,000 zone, which would represent roughly a 60% correction from its all-time high.
While many …