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

60-second summary

Bitcoin is currently testing its 200-week moving average, a crucial indicator, and on-chain data suggests the $50,000 to $54,000 range may become the next key battleground, potentially marking a significant turning point in the market. If history repeats, a 15% or more decline could be necessary to signal a bottom, indicating a possible price drop to around $42,500.