While Bitcoin’s technical picture might look beyond grim, the bulls can still pin their hopes on a “double bottom” scenario.
According to NorthmanTrader's Sven Henrich, Bitcoin could form such a pattern if it manages to hold above the current support area.
Earlier today, Bitcoin plunged to a five-month low of $28,500, sinking into negative territory for the year.
Henrich also points to the fact that the top cryptocurrency has tapped the 50-week moving average, which has been a key level in the past.
Novogratz is not nervous
Despite multiple analysts claiming that Bitcoin is already in a new bear market, Galaxy Digital CEO Mike Novogratz remains unfazed by the ongoing crash.
The crypto mogul told CNBC that the $25,000 level could be Bitcoin’s next support:
If it’s really breached, $25,000 is the next big level of support. Listen, I’m less happy than I was at $60,000, but I’m not nervous.