Is there more selling ahead?
The drop in Bitcoin's price below $30,000 might be significant, Ayyar claims that who predicted that the sell-off would continue to the $22,000 to $24,000 level.
After that, bitcoin may trade in a range.
“I think bitcoin will stay between $20K and $40K for a while before any bullishness returns,” Ayyar added.
Chu of Kinetic Capital anticipates potential selling coming as well.
“The crypto market has halted in Q1 and is facing a further drop, possibly below $25K levels,” Chu added.