Could Bitcoin fall 50% and remain inside of a long-term bull channel/trend? Yes
Bitcoin has created higher lows and higher highs over the past 8-years inside of the rising channel (1). Despite Bitcoin declining nearly 50% of late, it remains inside of this rising channel.
Currently, Bitcoin is testing the 161% Fibonacci extension level at (2), which comes into play at the 29,000 level.
This extension level currently represents strong support inside of the 8-year rising channel.
If this support line would happen to be taken out to the downside, some serious selling pressure could hit Bitcoin.
Keep in mind if this support level breaks, the 8-year rising channel support comes into play around the 15,000 level, which is a large percent below the current price.
The Fibonacci extension level is a critical support test for Bitcoin and the entire crypto market!
