Wolfe Research analyst: Bitcoin may return to the low $50,000 range in the coming weeks

ChainCatcher news, according to Jinshi reports, Wolfe Research's chart analyst Rob Ginsberg stated: "The current situation in the entire cryptocurrency sector is not optimistic. Bitcoin is still trapped in a downward channel, and the price is gradually declining from the highs in March. While a brief breakout would be very positive, we still respect this major trend. In the coming weeks, Bitcoin may return to the bottom of this range, which is around the $50,000 low.

Since peaking in March, Bitcoin's trend has been deteriorating, with a series of lower highs and lower lows. Unless this trend changes, whether through a breakout or a more gradual reversal, we will continue to maintain a bearish outlook on Bitcoin's price in the short to medium term."