Bitcoin Faces 40% Correction Before Hitting $28K Support Floor

A prominent cryptocurrency analyst has pinpointed what he calls the 'Ultimate Support' level for Bitcoin, framing it as a critical long-term price floor. However, he cautions that a significant decline may occur before this support is tested. The analyst, who correctly forecasted Bitcoin's 2022 bear market bottom, identifies the $28,000 to $30,000 zone as this ultimate support. This range aligns with the 2022 lows and the 200-week moving average. 'This is the final line of defense before a potential multi-year bear market,' he stated. 'But before we get there, I expect a volatile drop, potentially forming a 'Diamond Top' reversal pattern on the weekly chart.' A Diamond Top is a rare but reliable reversal signal that typically forms after a prolonged uptrend, suggesting a major trend change. The analyst emphasizes that this potential drop is a separate, near-term risk from the long-term support view. 'The market could see a 30-40% correction from current levels before stabilizing at ultimate support,' he warned. His analysis combines on-chain metrics, historical cycle comparisons, and technical chart patterns. While he maintains a bullish long-term outlook, he advises caution for traders in the coming months, suggesting that the path to the ultimate support may involve substantial turbulence.