In a critical review of Bitcoin, popular crypto analyst Mags has cautioned BTC investors about a potential drop to $50,000 in the near term. Mags pointed out that Bitcoin is currently testing a crucial support level for the fifth time since March, amidst market pessimism and volatility.

He noted that if Bitcoin fails to maintain this support, a decline to $50,000 could occur. Despite this, Mags emphasized that the general outlook for Bitcoin remains optimistic, with the current consolidation phase seen as an opportunity to buy.

He advised investors to view market dips as common post-Halving phenomena and potential buying opportunities, warning against selling prematurely and missing out on possible significant gains.