Bitcoin may need to plunge 15% or more to mark bottom, according to this long-time indicator

Bitcoin appears to be approaching a critical juncture as it hovers near its 200-week moving average, signaling a potential bottom in the $50,000 to $54,000 range. On-chain metrics hint that a further drop of 15% or more might be necessary to confirm this bottom, indicating a significant downturn if this trend holds. This level of decline could reshape market sentiment and influence future trading strategies for both retail and institutional investors, making it a pivotal moment for the cryptocurrency's trajectory.