Bitcoin may be experiencing one of its biggest drops, but at least one analyst believes it still has a ways to go.
Bitcoin, and the crypto market at large, have shed hundreds of billions in value as currencies have plummeted. According to Business Insider, Fairlead Strategies’ founder Katie Stockton is warning the price could still fall 27%, to somewhere around its 2019 high.
“Bitcoin has stabilized after a reaction to short-term oversold indications last week, supporting a short-term neutral bias within a bearish long-term trend,” Stockton said.
With the crypto already falling below the $19,000 threshold, Stockton believes the next threshold is the $18,300 mark. Should bitcoin fall below that, Stockton believes 2019’s high of $13,900 will be the next support level to look for.
“Bitcoin is newly long-term oversold per the monthly stochastics, but it will likely take several months for a long-term oversold ‘buy’ signal to register,” Stockton said.