Bitwise Head of Research Europe André Dragosch said Friday that Bitcoin (CRYPTO: BTC) faces up to 20% further downside from current levels, with the long-term holder cost basis near $48,000 as his max pain scenario.
Three Support Levels Stack Between $48,000 and $61,000 Dragosch mapped out the structural supports sitting beneath current spot price at BTC Prague Thursday.
The 200-week moving average sits near $61,000, the realized price near $56,000, and the long-term holder cost basis near $48,000.
Each level represents a zone where historically buyers have stepped in, with $48,000 being the worst-case floor if all three give way.
Despite the bearish downside scenario, Bitwise's experimental bottom-cycle probability model began ticking higher last week, even as on-chain indicators remain below the extremes that typically mark prior cycle lows.
