Bitcoin is above the 100-period moving average on both the hourly and four-hour chart as the corrective phase stabilizes.
BTC is down about 37% month to date and has experienced a series of sharp drawdowns similar to 2017 which preceded a bear market.
BTC is down about 3% over the past seven days as the price recovery from $30,000 stalls.
BTC could see limited upside as the corrective phase weakens and buyers return.
A decisive break above $40,000 is needed to resume the uptrend.
BTC re-tested minor support around $30,000 over the weekend, but stronger support is seen around $27,000.
BTC held support around $30K and upside appears limited towards $45K with high volatility into the weekend.
Bitcoin sellers remain active as the broader uptrend weakens similar to 2017 and 2018.
A crash isn't a great time to decide why you invested in the first place. But it's better late than never.
Wood made the prediction even as the leading cryptocurrency tumbled on Wednesday.
"These are certainly setbacks for the wallets and for the investor base," the crypto investor told CNBC.
The next level of support is seen at around $34,000, which could stabilize the sell-off.
A bullish bet on the cryptocurrency was also the most crowded trade in January.
BTC continues to consolidate and is now at the bottom of a three-month range.
Elon Musk's tweets spur the latest drop.