How low can Bitcoin price go?

Bitcoin fell about 10% after the Bitcoin ETF was approved, sparking debate about how much BTC prices could fall in the near term. Bitcoin prices have dropped around $4,000 since spot Bitcoin ETFs in the US were approved, signaling a growing “sell the news” sentiment in the market. Meanwhile, technical chart patterns hint at the possibility of a further sell-off in the coming days or weeks. What could happen next and how low could Bitcoin price go? As seen on the daily chart below, Bitcoin's price trajectory shows consolidation within a bullish channel. Additionally, the RSI has recently formed lower highs in contrast to Bitcoin's higher highs, a sign of growing bearish divergence. Therefore, if BTC price breaks below the 50-day EMA, it could seek the next support near the lower trendline of the ascending channel. This trend line coincides with Bitcoin's 200-day EMA (blue wave) near $34,850, a low not seen since the Q4 2023 consolidation period. First, investors who bought Bitcoin in the $25,000 to $30,000 range in anticipation of an approved ETF won't gain much as bankers likely won't pay them a significant premium over those this price.