Analyst: Bitcoin to bottom in $50,000-$54,000 range

With Bitcoin's price down 22% from its all-time high, many analysts expect Bitcoin to bottom out in the $50,000 to $54,000 range.
Markus Tillen, an analyst at 10x Research, said:
Thielen said Bitcoin price had fallen below the ascending triangle.
"If this support breaks down, we could see a retry of the lows below $50,000 seen on August 5th," he said, sharing a chart showing the support.
Bitcoin prices have fallen more than 3% in the past seven days, marking the first rally since August 5th, when the rally began at $49,500.
Over the past 90 days, Bitcoin's price has fallen 20% and daily trading volume during the same period has fallen 32%. A quick recovery from current price levels seems unlikely.
Michael Van de Poppe, founder of MN Capital, expressed a similar view. He said Bitcoin is expected to hit the 50,000 mark on Aug. 15.
"However, this failed to spark the necessary upward rebound, with Bitcoin dropping to just 53,000 before rebounding," he said, explaining that the price had attracted demand-side liquidity after dropping below the $6,000 low.
"There is a risk of a further drop to $51,000 or $49,000," he explained. Analysts at Glassnode predict that Bitcoin will fall to $51,000.
This level is the market average and a historical support level. "If a localized decline occurs, the $51,000 price range will have to be held for further price increases.
"This is a significant area of concern that is yet to be addressed."