The market is in shock as Bitcoin falls below $100,000; how long will the price decline continue?

Bitcoin's price plunged last night, falling below $99,000 for the first time in six months. Although the cryptocurrency has recovered slightly and is currently trading in the $102,000 channel, its weekly and monthly losses are 10% and 17%, respectively.

The recent drop comes as long-term holders (LTH) have sold more than 400,000 Bitcoins, worth $42 billion, over the past month, about 2% of the total circulating supply. Short-term holders (STH) have also transferred 26,800 Bitcoins to exchanges at a loss over the past three days, a sign that the market is giving up and bearish sentiment is taking over.

Technically, the "descending angle" pattern has been activated on the weekly chart, and if the $100,000 and $82,000 supports are lost, there is a possibility of the price falling to the $72,000 range.

Meanwhile, veteran analyst Peter Brent has predicted that in a worst-case scenario, Bitcoin could bottom around $60,000. The Fear and Greed Index has also entered the “extreme fear” range, indicating a decline in investor confidence.