Bitcoin could fall to $50K, a key time for investor caution.

With the price of cryptocurrency giant Bitcoin (BTC/USD) dipping below the $60,000 mark at one point this week, experts are warning that the price could fall further from current levels. Bitcoin is currently hovering around $60,000, which is about 17% lower than the $73,797.68 it hit in March. However, chart analysts do not see any buy signals and believe that the price could fall further from the current levels.

"The correction since March has continued and trading below the 50-day moving average at $66,000 is under pressure," said Oppenheimer analyst Ari Wald. "There are key support levels from the 200-day moving average at $57,000 to the May lows at $56,500, which a break below could be devastating."

Bitcoin has been stuck in a narrow range between $60,000 and $70,000 since its all-time high in mid-March. It is currently suffering from a lack of near-term catalysts, low demand for Bitcoin exchange-traded funds, and miners selling Bitcoin. The Wald analyst added that if Bitcoin fails to hold $57,000, $49,000 would be the next major downside level. David Keller, chief market strategist at Stockchart.com, also said that the next downside support for bitcoin is around $58,000, with the possibility of a drop to between $50,000 and $52,000. "Buyers are coming in around $60,000," he said, "so it's reasonable to expect bitcoin to bounce higher once again."

R.J. O'Brien's Tom Fitzpatrick sees key support for Bitcoin at $56,527 and confirms the possibility of a double top neckline, a bearish M-shaped chart, "signaling a decline of at least 22% and possibly as much as 29% below." "Until the double top neckline is broken, the 200-day moving average will remain elevated as it always follows the trend," he said, adding that the bullish move in the Nasdaq 100 index also suggests risk appetite remains positive.