On February 14, according to Business Insider, a strategist from Ned Davis Research stated in a client report this month that despite Bitcoin experiencing large-scale sell-offs over the past few months, it still faces further downside risk.
Pat Tschosik, Chief Market Strategist at Ned Davis Research, along with analyst Philippe Mouls, pointed out that based on an analysis of past Bitcoin downturn cycles, if the current bear market evolves into a full-blown "crypto winter," the decline from peak to trough could reach 70%-75%, meaning Bitcoin could potentially drop to as low as $31,000.
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