For the analyst, Bitcoin’s recent drop below the current $60,000 isn’t all that alarming. However, if BTC drops below the $50,000 level, things could turn ugly for Bitcoin. cryptocoin.com We look at the details.
Critical levels for Bitcoin
According to Matt Maley, chief market strategist at Miller Tabak, there is no need to worry about Bitcoin (BTC) falling below the last $60,000 mark. The market analyst recently told Yahoo Finance that the biggest cryptocurrency could drop “quite a bit” without suffering any real technical damage. The analyst predicts that Bitcoin (BTC) must fall below $50,000 for it to cause serious damage. In such a case, the crypto king would break the trendline that went back to July lows: “It can still go down a bit without really major technical damage,” says analyst Matt Maley.
Last Wednesday, Bitcoin (BTC) hit a new record high of $69,000 and rallied into the overbought zone. Even some long-standing positives, like Morgan Creek’s Mark Yusko, are on the verge of retreating bouts. While Maley worries that a notable drop in liquidity supply could cause “some problems” for Bitcoin (BTC) and Ethereum (ETH), it is still bullish in the long run. He adds that there are many stocks that are “much more vulnerable” than Bitcoin.
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