Analyst: Crypto Markets Likely to Plummet 61% Before Next Bull Run Begins; Here’s Why

Bitcoin and the aggregated crypto markets have been facing significant downwards pressure over the past couple of days that has led markets to retrace significantly from their recent highs that were set in late-June.

Now, one prominent analyst who predicted Bitcoin’s recent drop is now noting that the aggregated crypto markets could retrace another 61% in the near-future before they reach a price level that sparks the next major bull run.

Bitcoin and Crypto Markets Plunge as Bears Build Strength

At the time of writing, Bitcoin is trading down over 2% at its current price of $9,815, which is down significantly from its daily highs of $10,100 and down even more from its weekly highs of over $11,000.

This bearish price action is simply a continuation of the selling pressure that was first incurred in late-June when the entire crypto markets incurred a significant influx of selling pressure after it parabolically rose to $13,800, which proved to be a highly unsustainable price movement…