This crypto expert, Tony Severino, challenged popular bullish claims from “snake oil salesmen” and instead pointed to economic data and historical patterns that show the Bitcoin cycle has already transitioned into a different phase.
PMI And ISM Datan Shows Where Bitcoin Is
Bullish Conviction To Bearish Targets The chart highlights multiple instances where Bitcoin suffered declines of 40% to over 60% after losing this type of technical support. Based on that historical behavior, Severino has floated a downside target of at least $45,000 before another bullish reversal.
