Bitwise Europe Research Head Expects 20% Bitcoin Drop; Support at $48,000

According to André Dragosch, Head of Research at Bitwise Europe, Bitcoin risks a further 20% decline from current levels, with a worst-case price target of $48,000. Speaking at the BTC Prague event, Dragosch identified key technical support zones: the 200-week moving average near $61,000, a cost basis around $56,000, and $48,000 as the "maximum pain scenario." He noted that on-chain indicators have not yet reached extreme levels seen in past cycle lows, suggesting the market may be approaching a bottom without a definitive reversal signal.

Dragosch attributed recent selling pressure to approximately $2 billion in weekly exchange-traded product (ETP) outflows, equivalent to roughly 50,000 BTC entering the market. Galaxy Digital's Head of Research Alex Thorn also believes Bitcoin has not reached a definitive bottom, with the firm predicting a range between $40,000 and $46,000.