As Bitcoin’s value dipped below the $60,000 mark, market specialists are cautioning that a further descent is possible for the leading cryptocurrency. The analyst known as DonAlt, who has a substantial following on social media platform X, has indicated that Bitcoin’s outlook remains bearish unless it can reclaim a crucial support level on the weekly chart. He advised his 566,900 followers, “BTC update: The bearish retest served its purpose. It’s uncertain if the current support will hold once more. It’s prudent to remain cautious until either the $63,800 mark is reclaimed or lower support levels are tested. For now, it’s safe to assume a risk-off approach.”

*Source: DonAlt/X*

In the past day, Bitcoin’s price briefly fell to approximately $59,700 but has since partially recovered, trading at $60,243 at the time of this report.

Another analyst, known by the pseudonym Flow Horse, suggests that the possibility of Bitcoin dropping to the $40,000 range should not be dismissed. “The market is overly confident about the potential lows if the current range collapses. Many in my network and discussions, who are only temporarily pessimistic, envision minimal lows. The prospect of Bitcoin hitting the $40,000s again is not even being entertained, which is a narrow view for clear reasons.”

Adding to the discourse, the well-known analyst Benjamin Cowen shared with his 802,000 YouTube subscribers that Bitcoin’s downward trend could be influenced by its historical relationship with the 10-year yield rates (US10Y). He explained, “Bitcoin’s decline is often linked to the rise of the longer yield curve. Notably, when the 10-year yield spiked, as it did from July to October 2023, Bitcoin’s value decreased. This pattern was also observed in 2022. If the 10-year yield spikes again into October, it may align with Bitcoin’s seasonal downturn.”

*Source: Benjamin Cowen/YouTube*

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**Disclaimer**: The views expressed on The Daily Hodl do not constitute financial advice. Investors are encouraged to conduct their own research before engaging in high-risk Bitcoin, cryptocurrency, or digital asset investments. All trading and transfers are at your own risk, and you are solely responsible for any losses incurred. The Daily Hodl does not endorse the purchase or sale of any cryptocurrencies or digital assets and is not a financial advisor. The Daily Hodl is involved in affiliate marketing.

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