However, things could turn out badly for Bitcoin if it falls below the $ 50,000 level.
There is no need to fret about Bitcoin’s recent drop below $60,000, according to Matt Maley, chief market strategist at Miller Tabak.
The market analyst recently told Yahoo Finance that the biggest cryptocurrency could still fall “a lot” without suffering any real damage from a technical point of view.
He estimates that Bitcoin would have to plunge below $50,000 to cause some serious damage. In such a case, the king of crypto would break its trendline which goes back to the July lows:
It can still come down quite a bit without having really major technical damage.
Bitcoin hit a new high of $ 69,000 last Wednesday, rising into overbought territory.
Even some long-time bulls of the likes of Morgan Creek’s Mark Yusko have been on pullback watch.
While Maley fears that a noticeable drop in the liquidity supply could cause “some problems” for Bitcoin and Ether, he remains optimistic about the long term.
He adds that there are plenty of equities that are “much more vulnerable” than Bitcoin.
