Bitcoin (CRYPTO:BTC) faces bearish pressure after being rejected at $62,000, with crypto analyst DonAlt predicting a potential drop below $60,000.

Despite a recent 15% decline, DonAlt believes the worst is yet to come, forecasting a possible 30% downturn that could see Bitcoin fall to $40,000.

He suggests that even in the best-case scenario, Bitcoin might dip to $52,000 before recovering.

The market sentiment has soured, reflected in the Crypto Fear & Greed Index dropping to 47.

This indecisiveness indicates potential sideways movement for Bitcoin in the near term.

As of now, Bitcoin's price has fallen below $61,400 following the news of VanEck's Solana ETF filing with the SEC.