Bitcoin Price Drops Below $80,000 as Analysts Warn of Further Decline

Crypto markets are facing fresh risks as the price of Bitcoin continues to drop below the psychological $80,000 level. Analysts warn that the leading crypto may still decline to around $45,000 before bottoming out.

Gargoyle, a well-known crypto analyst, has advised market participants not to buy Bitcoin until it sees high volume, which could mark the bottom. According to Gargoyle, massive volume is needed to confirm the bottom, and this hasn't happened yet.

The analyst's chart suggests that Bitcoin could still drop further before reversing its trend. However, some analysts believe that the current stock market pump is keeping Bitcoin afloat, and that a crash in the stock market could lead to a decline in BTC's price.