Bitwise Research Head Says Bitcoin Could Fall Another 20% With $48,000 'Max Pain' Scenario

Bitcoin could face additional downside of as much as 20%, with a potential “max pain” level at $48,000, Bitwise Head of Research Europe André Dragosch said. According to NS3.AI, Galaxy Head of Firmwide Research Alex Thorn also said Bitcoin has not yet bottomed. The comments indicate both researchers expect further weakness in Bitcoin’s price before a potential market low is established.