A noted cryptocurrency strategist is issuing a warning about Bitcoin (BTC) after the flagship digital asset fell below the $60,000 mark on Thursday.
Anonymous analyst Credible Crypto told his 424,500 followers on social media platform spoke.
“To all the people screaming at me for warning of high prices (again), you better hope $58,000 to $59,000 holds, or bit It will become a nuclear city for Coinbaby.”
The same analyst is also bearish on Bitcoin in the short term. He suggests that the top digital asset by market cap could hold support in the low $50,000 range, then rebound to the $60,000 range, and then fall further.
“Yes, this is the big question.Based on everything I’m seeing, I think another rally from $58,000 to $59,000 (still below $70,000) makes a lot of sense. And this is also a great opportunity to take a position across the board. That said, it doesn't have to happen, of course, but this is before a big drop that I'm expecting. That's the ideal scenario.”
However, the founders of analytics firm Glassnode have expressed bullish sentiment towards Bitcoin.
Jan Happel and Jan Aleman, who go by the handles Negentropic, told their 63,400 followers on social media platform He said it shows.
“Whales continue to accumulate Bitcoin. US inflation statistics beat expectations” [Thursday]but whales are still hungry for Bitcoin. As trading volume decreases, both long-term holders and whales continue to accumulate. Even short-term holders are seeing some recovery. Conclusion: Confidence in Bitcoin's medium- to long-term performance is solid. ”
At the time of writing, Bitcoin was trading at $60,271, declining slightly over the past 24 hours.
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