Opinion: If Bitcoin falls below the "bull-bear dividing line" of the 50-week moving average, it may face a 60% decline

According to analyst @ali_charts, if Bitcoin falls below the "bull-bear dividing line" of the 50-week moving average, it indicates that a bear market has arrived. This pattern has been validated by the trends in 2011, 2014, 2018, and 2020.

If the previous trends are replicated, Bitcoin could face a 60% decline, which means it would bottom out around $40,000.