Bitcoin Pullback Could Deepen, But Weakening Global Economy Could Bolster BTC

Bitcoin and the aggregated crypto markets have been spiraling downwards after bull’s attempt to bolster the markets yesterday faltered, leading to a continuation of the downwards pressure that BTC and other major cryptos have incurred over the past several weeks.

Now, analysts are noting that there is a high probability that Bitcoin’s recent pullback extends significantly lower, but that in the long-term BTC’s price may be bolstered by growing global economic weakness.

Bitcoin Dips Below $9,400 After Plummeting Overnight 

At the time of writing, Bitcoin is trading down nearly 4% at its current price of $9,450, down significantly from its 24-hour highs of $10,200 that were set yesterday.

Yesterday’s price surge and subsequent drop formed what is commonly referred to as a “bart” pattern, where BTC forms a rapid leg up, trades sideways for an extended period of time, and then drops.

This move provided a significant amount of support for the bear case, as it signaled that…