Bitcoin chartists see selloff intensifying with $40,000 in focus

A cohort of chart watchers on Wall Street say Bitcoin’s deepest selloff since crypto mania kicked off last year looks set to intensify.

Evercore ISI’s Rich Ross reckons prices are destined to fall back to the 200-day moving average, following a path of other speculative assets, which would put Bitcoin back at $40,000 compared with just under $45,000 currently.

Others are watching for a pattern of “lower highs and lower lows” and say Elon Musk’s unpredictable tweets will keep traditional investors on the sidelines. There’s also speculation that gold is starting to draw money away from crypto.